June 18th, 2015
Grain Marketing Specialist
Corn- Down 1 as of 7:45
Corn ended up yesterday on uncertainty of yield and acres, and Tropical Storm Bill adding more unneeded moisture from Eastern Texas to Ohio. Fields that were too wet are only getting more moisture. Weekly ethanol production was reported down 12,000 barrels per day (980,000 barrels). While Ethanol stocks were raised from 20.2 million barrels to 20.7 million barrels. There are ideas that all the moisture in the Southern Plains, Eastern Corn Belt and Delta area, could cause a loss in corn acres and production. Export sales came back over the estimated 400-600 tmt at 627 tmt for old crop and on the high end of the new crop estimate at 200 tmt, estimated was 50-200 tmt.
The map above gives a good picture of how more or less precipitation could effect the highlighted areas.
Soybeans- Down 4 ½ as of 7:45
Beans closed higher yesterday with more moisture flooding fields in Missouri and the Ohio Valley. There are still a reported 11 million acres yet to be planted, the excessive moisture in these areas is slowing the planting process down. 7 million of those 11 million are in states that are setting with very wet fields. It is still possible that 1 to 2 million acres of beans could be lost. Bean export sales were estimated at 100-250 tmt for old crop actual sales were 132 tmt. For new crop, estimates were 150-350 tmt. Sales came back well over the estimate at 532 tmt.
Wheat- Minneapolis Down 1 ½ Kansas City Down 1 as of 7:45
Wheat market traded higher yesterday on harvest delays and crop concerns. More heavy rain in the forecast for Eastern Texas and Oklahoma. Early harvest reports are showing lighter test weights, and 11% to 11.5% protein levels, taking into consideration the small amount of wheat that has been tested because of harvest delays due to excessive moisture. Outside the US eastern Ukraine and South Russia have pretty helpful precipitation in the forecast. Export sales for wheat landed about in the middle of the estimate at 200-400 tmt. Actual sales were 316 tmt.