Morning Highlights


Highlights

*Please consider checking all of your open orders on ChetaPro to verify their correctness.  If you are unable to use ChetaPro, please call a broker at CHS Hedging to verify your open orders. 

  • Today is the last day of the index roll.
  • Overseas markets were lower overnight with the Nikkei down 6.35%, the Hang Seng down 2.1%, Stoxx 50 down 0.8%, FTSE 100 down 0.8%, and the DAX lower by 1.4%. 
  • The U.S. dollar is weaker, crude oil is lower, the Euro is lower, and equity futures are lower as of 7:00am Chicago time. 
  • So. MN, WI, MI and No. IA, IL, IN, and OH received 0.5-1.5” rain yesterday, with another system forecast for the weekend, feeding planted crops, but disrupting fieldwork. 

Corn

  • Corn traded mixed overnight in a 4 cent range following yesterday’s USDA supply and demand report. 
  • July continues to lose open interest as September gains it, July down 15,800 contracts yesterday while September gained 23,900 contracts.  Large specs reduced net long positions by 12,000 cts. 
  • A large multinational financial services company deemed the WASDE report ‘modestly bearish’ for corn and insisted focus should be quickly shifted to the June 28 acreage report. 
  • Corn export sales for last week came in at 81.5 tmt for old crop, and 68.0 tmt for new crop, versus expectations of 200-400 tmt. 

Oilseeds

  • Soybeans traded lower overnight in a 15 cent range, with the nearby July contract seeing the most weakness, at times dropping to double-digit losses. 
  • BSPA-T, out of Taiwan, bought 60tmt of soybeans for Aug-Sept shipment out of Brazil in a tender, at +173 SQ, $593/ton C&F. 
  • Malaysian Palm Oil futures settled 27 ringgits lower to 2,424 for the August contract. 
  • Soybean export sales for last week came in at 33.5 tmt for old crop, and 447.1 tmt for new crop, versus expectations of 300-700 tmt. 
  • Soymeal exports came in at 97.7 tmt for old crop, 47.1 tmt for new crop, soyoil came in at 13.2 tmt for old crop.
  • The USDA cut EU rapeseed harvest by 300 tmt to 19.7 mmt, citing heat and dryness, as well as excessive wetness in parts. 

Wheat

  • The wheat complex traded mixed overnight in a 5 cent range following yesterday’s report, with the Minneapolis July contract seeing the most strength. 
  • Japan bought 157.4 tmt of milling wheat in a tender, 94 tmt of that being from the U.S. 
  • Moscow-based agricultural consultancy, SovEcon, revised Russia wheat production to as high as 52 mmt for 2013/2014, versus the previous forecast of 50 mmt. 
  • SovEcon also raised exports to 14-15 mmt for 2013/2014. 
  • Wheat export sales for last week came in at 427.2 tmt for 2012/2013.