Grain Marketing Specialist
Reminder- if you are a voting member and haven’t yet voted on the NCFE/WG’s unification we would encourage you to do so. To ensure that your ballot will be received by the June 17th deadline please mail by Friday June 12th.
Corn: As of 7:45- 2 lower
Things were steady to weaker going into the USDA supply/demand report yesterday. Corn then came under pressure as US stock grew slightly to 1.876 for 14/15 and 1.771 15/16 and the ultimate motivator was the increase in World stocks from 191.94 to 195.19 notable increases in Brazil and Argentina. Ethanol production rate a very stout 992 matching the all-time weekly rate. Export sales this morning at 495.6 for 14/15 and 115.5 both in line with expectations.
Soybeans: As of 7:45- 4 lower
The soybean market seemed to hold in there better than most as USDA dropped ending stocks 20 to 330 vs. average estimates of 339. World stock dropped as well from 96.22 to 93.22. Ultimately these would appear to be adequate but it was enough to limit gains yesterday. Export sales this morning out at 164 for 14/15 and 389.3 for 15/16. Both on the higher end of expectations.
Wheat: As of 7:45- 2-4 lower
Wheat came under pressure upon the report release as to some surprise USDA increased winter wheat production leading to an overall increase in US ending stocks from 709 to 712 or 14/15 and from 793 to 814 for 15/16. Harvest in underway and it does appear that quality may be less of a concern in the south. Export sales at -107 for 14/15 and 376.7 for 15/16 in line with expectations.