Grain Marketing Specialist
Wheat Growers would like to wish everyone a Safe and Happy 4th of July weekend!
There will be no trade on Monday- trading will resume Monday night
Corn: As of 7:45- 1 lower
The highly anticipated USDA acreage and stock report yesterday showed 94.1 planted acres, up from the March intentions and exceeding the high range of expectations. Stocks at 4.72 also exceeding the high end of expectations. This news was kind of a double whammy for the corn market. Milo acres left unchanged. Weather will continue to be in the forefront as much of the eastern area’s look to benefit from some moisture while things are starting to get critical here in the west. Technically this market remains ugly with support at contracts lows of 3.55 ¾ U and 3.64 Z respectively.
Soybeans: As of 7:45- 8 lower
The reaction higher to yesterday’s information has a few guys scratching their heads a bit. Nov beans posting nearly a 41 c gain. Acreage at 83.7, up from intention of 82.236 and a record high but slightly short of the average estimate of 83.834. Stocks at .870 exceeding the high end of expectations has a few folks wondering…. What exactly is bullish about this again????
Wheat: As of 7:45- 4-5 lower
Typically, this report tends to be a nonevent for wheat and this report did nothing to change that idea. All wheat acres at 50.8 exceeding the average estimate but well within the range. Stocks at .980 which was right in line. As far as the harvest front goes news remains the same. We are entering a critical time for spring wheat and am hearing concern about hot/dry conditions affecting filling. It will be interesting to see if crop rating will reflect that Tuesday. Technically we remain around contract lows for the whole complex.