Afternoon Market Highlights


  

Highlights

Wishing you all a safe and enjoyable holiday and weekend!

CHS offices will be closing at 3 PM Friday.    

  • Ag markets are closed until Friday, July 5 at 0830 hours.
  • The next USDA S&D report is scheduled for July 11 at 11 AM CDT.
  • Energy markets were stronger with crude oil up nearly a buck at $57.21/barrel.
  • US$ up 45 at 96.77, gold up 13 at 1421 and the CD$ up 0.00245 at 0.7655.
  • DJIA up 179 at 26966, S&P up 21 at 3000 and the NASDAQ up 61 at 8170. 

Corn

The corn market traded higher on technical buying in thin trade ahead of the holiday and the weekend.   Buying interest emerged after failing to fill gaps left in the Sep and Dec contracts. 

  • Closes: September at $4.36 ¾, up 17 ¾ cents, December at $4.41 ¼, up 15 ¼ cents and July at $4.55 up 12 ½ cents
  • Weekly ethanol production increased 9k barrels per day to 1.081,000 barrels per day. Stocks are significantly higher at 22.8 million barrels (+1.2 mb).
  • Average trade estimates for weekly export sales are at 200-700 tmt.
  • Spreads: U/Z 4 ¼ carry, Z/H 7 carry, Z/N 13 ¾ carry, N0/Z0 34 ½ inverse.

 Oilseeds

Soybeans traded higher on spillover strength in the corn market, hints that China may be in the market for US soybeans and technicals.  

  • Closes: August at $8.89 ¾, up 10 cents, November at $9.08 ¾, up 10 cents,
  • Average trade estimate for weekly export sales: 600 tmt-1.2 mmt for beans.
  • Canola traded lower on slow demand and strength in the Canadian dollar.
  • Spreads: Q/X 19 carry, X/F 11 ½ carry, X/N 36 ½ carry. 

Wheat

The wheat market traded higher on spillover strength in the row crops in modest volume ahead of the holiday and the weekend. Gains were limited on harvest activity. 

  • September closes: Mpls $5.40, up 3 ¾ cents, KC at $4.43, up 10 ½ cents, Chicago at $5.14, up 10 ¾ cents.
  • Average trade estimates from weekly export sales are at 250-550 tmt.
  • Japan bought 123k tonnes of optional origin wheat; 66k US (34k spring wheat).
  • Spreads: Mpls U/Z 14 ¼ carry, Kansas City U/Z 21 ½ carry, U/U 73 carry.