Afternoon Market Highlights


Highlights

  • First notice day for July grains and oilseeds futures is Friday, June 28th. Last trading day for June live cattle is also June 28th.
  • Quarterly grain stocks and the June acreage report will be released on Friday at 11:00 AM Central.
  • The quarterly hogs and pigs report will be released on Thursday, June 27th at 2:00 PM Central.

 Corn

Corn traded higher today after a wet weekend, and wet day for much of the U.S. Wet weather continues in the U.S. extended forecast. Crop progress showed corn planting at 96% and corn emerged at 89% versus the average of 99%. Conditions were 56% good/excellent versus the average of 77%.

  • Weekly export inspections were 617,740 tonnes, near the low end of estimates ranging from 600,000 to 800,000 tonnes.
  • EU corn imports were 23.25 million tonnes versus 17.3 million tonnes last year.
  • Closes: July at $4.46 ¾ up 4 ¼; September at $4.51 ¾ up 4 ¼; December at $4.57 ¼ up 3 ¾; March at $4.63 up 3 ¾.
  • Spreads: N/U 5 cent carry; U/Z 5 ¼ cent carry; N/Z 10 ¼ cent carry; Z/H 5 ½ cent carry.

 Oilseeds

Soybeans traded higher today on similar weather concerns to corn. The market was also waiting to see what the crop progress report said, with the average estimate for soybean planting at 88% versus 77% last week. The report showed soybean planting at 85% and emergence at 71% versus the average of 91%. This week’s report also featured the first soybean conditions, which showed the crop at 54% good/excellent versus the average of 73%.

  • Weekly soybean export inspections were 682,155, near the middle of estimates ranging from 500,000 to 775,000 metric tonnes.
  • EU soybean imports were 14.7 million tonnes versus 13.5 million tonnes last year, and soymeal imports were 17.4 million tonnes versus 18.75 million tonnes.
  • Closes: July at $9.09 up 6 ¼; August at $9.14 ¾ up 6 ¼; November at $9.32 ¾ up 5 ¼; January at $9.45 ½ up 5 ¼.
  • Spreads: N/Q 5 ½ cent carry; Q/X 18 ½ cent carry; N/X 23 ½ cent carry; X/F 12 ¼ cent carry.

 Wheat

The wheat markets traded higher today as the main focus of the markets was weather. The strength in wheat can be attributed to dry, hot weather in much of Europe, Canada, and the FSU. Support also came from the wet weather in much of the U.S. this weekend and today.  The crop progress report showed winter wheat headed at 94% versus the average of 99%. Winter wheat harvested was 15% versus the average of 34%. Winter wheat conditions were 61% good/excellent. Spring wheat headed was 7% versus the average of 29% and the spring wheat condition was 75% good/excellent.

  • Weekly export inspections were 406,386 metric tonnes, near the middle of estimates ranging from 300,000 to 500,000 metric tonnes.
  • EU soft wheat exports were 20 million tonnes versus 20.8 million tonnes last year.
  • Closes: July Chicago at $5.38 up 12; July Kansas City at $4.65 ½ up 13; July Minneapolis at $5.41 ½ up 7 ½.
  • Spreads: Chicago N/U 4 ½ cent carry; Kansas City N/U 11 ¾ cent carry; Minneapolis N/U 9 ¾ cent carry.