Afternoon Market Highlights


Highlights

  • USDA June grain stocks and the planted acreage report is released tomorrow at 11:00AM Central.
  • The quarterly hog and pig report showed hogs kept for marketing at 103.9% versus the average estimate of 103.1%, hogs kept for breeding at 101.4% versus the average estimate of 102.1%, and all hogs at 103.6% versus the average estimate of 103.0%.
  • The energy markets were mostly lower, with August crude oil at $59.32 down $0.06 at 3:30 PM Central.

 Corn

Corn traded lower today ahead of the USDA reports tomorrow. The average trade estimate is 86.662 million acres, but the range of estimates is 82 to 89.800 million acres. Some are concerned the USDA may not lower their acreage number another 3 million acres on this report, after they lowered it on the previous report.

  • Weekly export sales were 294,900 metric tonnes of old crop and 110,100 metric tonnes of new crop.
  • The International Grains Council lowered their world corn production forecast by 23 million tonnes to 1.095 billion tonnes.
  • Closes: July at $4.40 down 3 ¼; September at $4.45 ¾ down 3 ¾; December at $4.51 down 3 ½.
  • Spreads: N/U at 5 ¼ cent carry; U/Z 5 ¼ cent carry; N/Z 10 ½ cent carry; Z/H 5 ½ cent carry.

 Oilseeds

Soybeans traded lower today on pre-report jitters. After the last USDA report, the USDA left their soybean numbers unchanged. Trade guesses vary about where the USDA will peg the planted acreage, but the average trade guess is 84.355 million acres.

  • Weekly export sales were 168,200 metric tonnes of old crop soybeans and 319,600 metric tonnes of new crop, soy meal exports were 28,700 metric tonnes of old crop and 41,000 metric tonnes of new crop, and soyoil 19,100 tonnes of old crop and no new crop sales.
  • Closes: July at $8.87 ¾ down 6 ½; August at $8.93 ¾ down 6; November at $9.12 ¼ down 6.
  • Spreads: N/Q 5 ¾ cent carry; Q/X 18 ½ cent carry; N/X 24 ¼ cent carry; X/F 11 ¾ cent carry.

 Wheat

The wheat markets were mixed today, with Chicago and Minneapolis wheat mostly higher but Kansas City wheat mostly lower. The weakness and uncertainty in the wheat markets is likely a combination of report jitters, as profit taking occurred. Additional pressure could be related to improving weather in both the U.S. and Europe.

  • Weekly exports were 612,000 tonnes of wheat.
  • Philippine importers purchased 95,000 tonnes of feed wheat from the Black Sea region, with a price tag between $216 and $222 per tonne with shipment in the first half of September.
  • Jordan retendered for 120,000 tonnes of milling wheat, with a deadline of July 3rd.
  • Saudi Arabia has issued a tender for 715,000 tonnes of wheat, with a deadline of June 28th.
  • The International Grains Council raised their world wheat production by 3 million tonnes to 769 million tonnes.
  • July closes: Chicago at $5.47 ½ up 3 ¾; Kansas City at $4.67 ¾ down 1 ¼; Minneapolis at $5.47 ¾ up 1 ¼.
  • Spreads: Chicago N/U 1 ¼ cent inverse; Kansas City N/U 12 ½ cent carry; Minneapolis N/U 10 ½ cent carry.