Afternoon Market Highlights
6/28/2019 3:59:50 PM
- The USDA’s monthly crush report will be released on Monday, July 1st at 2:00 PM Central. Crop Progress will be released at 3:00 PM Central.
- The energy markets were mostly lower, with August crude oil trading at $58.18, down $1.25 at 3:45 PM Central.
- CHS Hedging will be closed on Thursday, July 4th in observance of Independence Day.
Corn traded both sides of the board today, trading in a 40-cent range following the USDA report. The September, December, and March contracts had been limit down during the day before closing 5 to 10 cents off the lows. The USDA raised the planted acres, which was not in the range of trade estimates. Following the acreage numbers, USDA confirmed they plan to resurvey farmers. For the week, September corn lost 21 cents.
- USDA planted acres were 91.700 million acres, well above the average estimate of 86.662 million acres.
- USDA grain stocks showed 5.202 billion bushels of corn, below the average estimate of 5.332 billion bushels.
- The EU raised their corn production forecast from 68.2 million tonnes to 69.3 million tonnes. Corn imports for new crop were unchanged at 15.5 million tonnes, whereas old crop estimates were raised from 22.5 to 24 million tonnes.
- CFTC COT report showed speculators buying 48,731 contracts, leaving them net long 148,237 contracts.
- Closes: September $4.24 ¾ down 21; December at $4.31 ½ down 19 ½; March at $4.39 ½ down 17 ¼.
- Spreads: N/U 4 ¼ cent carry; U/Z 6 cent carry; N/Z 10 ¼ cent carry; Z/H 7 ¾ cent carry.
Soybeans traded higher today on positive news. There was a large export sale this morning to China, as well as friendly report numbers. The acreage number was below the low end of acreage estimates. For the week, August soybeans lost 4 cents.
- USDA planted acres were 80.040 million acres, well below the average estimate of 84.355 million acres.
- USDA grain stocks showed 1.790 billion bushels of soybeans, below the acreage estimate of 1.861 billion bushels.
- The USDA released a flash sale this morning of 544,000 metric tonnes of soybeans for delivery to China during the current marketing year.
- CFTC COT report showed speculators buying 11,659 contracts, leaving them net short 56,461 contracts.
- Closes: August at $904 ½ up 10 ¾; November at $9.23 up 10 ¾; January at $9.34 ½ up 10 ¾.
- Spreads: N/Q 4 ½ cent carry; Q/X 18 ¼ cent carry; N/X 22 ½ cent carry; X/F 11 ¼ cent carry.
Wheat traded mostly lower today, in sympathy with the corn market. Today's reports were mostly neutral to wheat, but the weakness in corn dragged wheat along for the ride. For the week, September Chicago lost 3 ½ cents, September Kansas City lost 2 cents, and September Minneapolis gained 8 ¼ cents.
- USDA all wheat planted acres were 45.609, near the trade estimate of 45.654 million acres. Spring wheat acres were 12.430, below the average estimate of 12.595 million acres.
- USDA grain stocks showed wheat at 1.072 billion bushels, below the estimate of 1.100 billion bushels.
- The EU cut their forecast for wheat production from 143.8 million tonnes to 142.3 million tonnes. This is up from last year’s production of 128.8 million tonnes. Wheat exports were left unchanged, with new crop wheat export estimates at 25.5 million tonnes, and old crop estimates at 21.0 million tonnes.
- CFTC COT report showed speculators buying 3,984 contracts of Chicago wheat, leaving them short 20,878 contracts.Speculators purchased 3,744 contracts of Kansas City wheat, leaving them net short 18,218 contracts.
- September closes: Chicago at $5.27 ¼ down 19 ½; Kansas City at $4.62 ½ down 19; Minneapolis at $5.52 ¼ down 7 ¼.
- Spreads: Chicago U/Z 11 ¼ cent carry; Kansas City U/Z 22 ¾ cent carry; Minneapolis U/Z 13 cent carry.