Afternoon Market Highlights


Highlights

  • First notice day for July grains and oilseeds is on Friday, June 28th.
  • USDA planted acres and the June stocks report is Friday, June 28th at 11:00 AM Central.
  • Feeder cattle finished limit up for the August and September months, and will have expanded trading limits of $6.75 per cwt. tomorrow, June 27th.

 Corn

Corn traded lower today as the current forecast shows much needed warmer, dryer weather. Additional pressure could be stemming from Friday’s report as traders position themselves accordingly. July corn closed below its 10-day moving average of $4.47.

  • Weekly ethanol production showed a decrease of 9,000 bpd this week to 1,072,000. Ethanol inventories were 21.6 million barrels, and net margins were -3 cents.
  • The Taiwan Sugar Corporation purchased approximately 15,000 tonnes of U.S. corn for shipment in late August or September.
  • Closes: July at $4.43 ¼ down 4 ¼; September at $4.49 ½ down 3 ½; December at $4.54 ½ down 3; March at $4.59 ½ down 2 ½.
  • Spreads: N/U 6 ¼ cent carry; U/Z 5 ¼ cent carry; N/Z 11 ¼ cent carry; Z/H 5 cent carry.

 Oilseeds

Soybeans traded lower today, with both July and August closing below the $9.00 mark. The move lower is likely a combination of improving weather and jitters ahead of Friday’s report. The U.S. is expecting to receive much needed warmth and dry weather. July soybeans closed below its 10-day moving average of $9.04 but above its 100-day moving average of $8.93.

  • USDA released that exporters sold 145,000 tonnes of soybeans for delivery to unknown during the current marketing year.
  • The Taiwan Sugar Corporation purchased approximately 15,000 tonnes of U.S. soybeans for shipment in late August or September.
  • The StatsCan survey released today revealed Canadian farmers planted 20.9 million acres to canola versus 22.8 million acres last year.
  • Closes: July at $8.94 ¼ down 9 ¼; August at $8.99 ¾ down 9; November at $9.18 ¼ down 8 ¼; January at $9.30 down 8 ¼.
  • Spreads: N/Q 5 ½ cent carry; Q/X 18 ¾ cent carry; N/X 24 ½ cent carry; X/F 11 ½ cent carry.

 Wheat

The wheat markets traded higher across the board today, with Chicago wheat leading the way. The strength in wheat was aided by the European heat wave, as many areas are expected to be hot and dry.

  • Jordan did not make a purchase in their tender for 120,000 tonnes of milling wheat. A new tender is expected.
  • The StatsCan survey showed Canadian farmers planting 24.6 million acres to wheat versus 24.7 million acres last year. 18.8 million acres were planted for spring wheat versus 17.3 million acres last year.
  • Closes: July Chicago at $5.43 ¾ up 8; July Kansas City at $4.70 up 4 ¾; July Minneapolis at $5.52 up 1 ¾.
  • Spreads: Chicago N/U 2 ¼ cent carry; Kansas City N/U 12 ¾ cent carry; Minneapolis N/U 9 ¼ cent carry.