Thursday, June 1, 2023, 7:00 a.m. – Yesterday was a mostly negative day for our markets.  Harvest corn closed down 3 1/2, harvest soybeans closed down 6 1/4, harvest winter wheat closed up 3 1/4 and harvest spring wheat closed down 12.  In the overnight trade all of our markets are now on the positive side.  Oil closed down $1.37 yesterday at $68.09 per barrel.  It is weaker in trading again this morning with it now valued at $67.58 per barrel.  Our dollar started out yesterday morning at $0.733 US and has trended up since that time.  This morning it is currently valued at $0.737 US. 
 
Prices were negative yesterday morning as they reacted to the Crop Progress Report released Tuesday afternoon.  Although prices did remain mostly negative for the day the bright side of this was that corn and soybeans closed well off their lows for the day.  They rallied some probably on the weather forecast with rain in the 6-10 day forecast now being decreased significantly.  The Central and Eastern Corn Belt remains dry and although the crop is mostly planted and into good soil conditions it will need some moisture to keep progressing.
 
Some disturbing economic news out of China yesterday reporting that manufacturing growth is slower than projections.  Further to this soybean prices in China have reached a new two year low.  This is a poor sign of demand in China and will directly affect prices on the CBOT going forward.  Remember China is the largest importer of soybeans on the world market. 
 
Outside economic activities in the US have brought some positivity into our markets this morning.  It is looking like the debt ceiling deal negotiated by the US Government is going to stick.  Further to this they are talking about holding interest rates in June but reserve the chance of further increases down the road.  These two events have wiped away some negative thoughts by investors and are most definitely positive for the overall economy going forward.