June 23, 2016
Grain Marketing Specialist
Citizens of Great Britain vote today on whether their country should exit the European Union.
Export Sales out this Morning at 7:30.
Corn: Down 5
Export sales this morning came in line with expectations at 34.3 Mbu. The most recent rains have focused on Northeast Iowa and down through Indiana and accumulations were greater than anticipated. Weekly Ethanol reports had production at 962k barrels a day, lower from last week’s record of 1,013k barrels. Stocks were slightly lower as well at 21,110k barrels. Funds sold off another estimated 13k contracts yesterday, totaling 65k contracts so far this week.
Soybeans: Down 6
The 7 day forecast now has more moisture moving west instead of staying east. We are going to continue with this weather market. Brazil’s government says it plans to modify import rules in order to fix the shortages in corn. It plans to build a larger reserve in corn and would expect corn to steal acres from soybeans in the coming year. Export sales on soybeans at 24.3 Mbu, in line with estimates.
Wheat: MW Up 2, KC Unchanged
Wheat export sales continue to stay steady at 17.0 Mbu on the week. Wet weather across the Black Sea region has some traders concerned with wheat quality including lower protein and fungal disease. Winter Wheat harvest should keep going at a good pace and continue to see near record yields in the Southern Plains.