Grain Marketing Specialist
Export sales out this A.M.
Corn Up 3 ½ as of 7:45
July corn ended the session yesterday up 7 ¼ cents at $4.0475, posting its highest close in seven months. December closed at $4.0850 up 5 ¾ cents. Corn went along for the ride yesterday as the July soybean meal contract posted its highest close. Ethanol numbers out yesterday morning put production down 2000 barrels to 946k barrels/day. Ethanol stocks were pegged at 20.8mb down .3 mb, the lowest stocks level of the calendar year.
Beans Up 8 as of 7:45
Helped by a very strong day for bean meal and a weaker US dollar, July beans finished the day up 30 ¾ cents at $10.8550, November closed the day at $10.5425 up 25 cents. Argentina Bean meal quality concerns and potential supply tightness, have been moving bean meal lately, pulling nearby demand for soybeans along with it. Soybean planting will be slowed again by rains through midweek but warmer temperatures should benefit planted acres.
Wheat Minneapolis Up 7 Kansas City Up 7 ¾ as of 7:45 July Minneapolis Spring wheat closed unchanged yesterday, while the Kansas City Winter wheat July contract ended the day up 4 ½ cents. A weaker dollar and a strong day for the soy complex and corn only helped to give support to the wheat markets yesterday. Biggest weather concern seems to be the 6 to 10 day forecast in the Southern Plains as the winter Wheat crop draws closer and closer to harvest, but even with harvest delays, ample world stocks are still the anchor weighing down this wheat market.