Grain Marketing Specialist
Ethanol Production numbers out this morning.
Corn- Up 2 as of 7:45
After an indecisive two sided session July corn backed off by ¼ cent Tuesday to end the day at $3.9750 while December corn ended the day unchanged at $4.0275. Rain is forecast in the Midwest for the next few days, with the greatest accumulation in the western side of the corn belt. Dr. Michael Cordonnier added 500k acres of projected corn and bean acres due to less prevent plant acres being noted this year. His total acreage for corn sits at 92.5 million acres vs USDA’s projection from March 31st at 93.6 million acres.
Beans- Up 9 as of 7:45
July soybeans were all over the board yesterday as they started the day session with double digit losses, at one point posted double digit gains and ended the day around the middle of the range. July soybeans were down 3 ¾ cents on the day at $10.5475, the November contract ended the day down 7 cents at $10.2925. Other than an announcement from the USDA tat 5.1 million bushels of US beans were sold to unknown for the 2016-17 marketing year, there was not too much fresh news to move beans. Dr. Cordonnier did shift his projected acres prediction for beans to 84.5 million acres up 500k acres and 2.3 million acres more than the USDA’s projected acres.
Wheat- Minneapolis Up 2 ¼ Kansas City Up 1 ¾ as of 7:45
July Minneapolis Spring Wheat ended the day Tuesday around unchanged, dow 1 ¾ at $5.22, July Kansas city Winter Wheat ended the day with a slight gain of ½ cent at $4.4650. Traders will continue to keep an eye on Winter wheat conditions coming up as harvest begins to wind up down south. The Texas crop is said to be 6% harvested and rust and hail damage were reported, Kansas has not yet started.