July 1st, 2015
Grain Marketing Specialist
Commodity markets relax some this morning after bullish report yesterday.
Corn relaxing some this morning after reaching price levels we have not seen since the first of the year. Stocks numbers came in under expectations. This suggests that feed use, thanks partly to large hog production numbers, was very good for the third quarter. Projected harvested acres were 600,000 less than what was expected. Weather forecasts continue to bring moisture to areas that do not want it.
Soybean stocks were less than expected. Acres are still up in the air with the recent precipitation, in Missouri and the Ohio River Valley, keep farmers out of the fields. This news should support prices for the time being.
USDA’s June report was actually bearish for wheat. Carry out was much greater than expected, and 2015 acres were increased. Weather is the only wild card in this game. Moisture over the next week is going to lumber across Kansas and into Ohio. This could keep farmers form harvest, and threaten wheat quality.