June 9, 2017
Grain Marketing Specialist
Today’s USDA Report will be out at 11 am… contact your local Grain Marketing Specialist to get your targets working!
CORN: As of 7:45 – down 2
Markets continue to push higher as fear of a hot and dry forecast shows the possibility of a reduced production year. Corn posted nice gains yesterday early in the session before settling back close to its opening price and gaining a penny. Export sales yesterday were the 2nd lowest of the year – only 13.7 million bushels, but we are still ahead of what we need to meet the USDA number. USDA will release their monthly Supply/Demand Report today at 11 am. ‘17/18 US carryout is estimated at 2.085 billion bushels. World carryout is estimated at 195.48 million metric tonnes. US corn production estimates average 14.065 billion bushels in ‘17/18 and 15.148 in ‘16/17.
SOYBEANS: As of 7:45 – up 2
Soybeans have been following corn and wheat lately, making good gains for the last few days. China imported the 2nd largest amount of soybeans in history in May, but their processors’ crush margins are poor, which is leading to slowing their activity and delaying imports. Export sales were the 3rd lowest number of the year yesterday at 5.8 million bushels. CONAB data showed an increase in their Brazil soybean production estimate, going from 113 million metric tonnes to 113.9, USDA’s estimate is 111.6. ‘17/18 US production guess average is 4.255 billion bushels in ’17/18 and 4.307 in ‘16/17. US carryout pegged at .485 billion bushels, and world carryout estimated at 89.44 million tonnes.
WHEAT: As of 7:45 – Mpls steady, KC down 3
Weather continues to be the factor driving the wheat markets higher, and pulling corn and beans along with it. Weekend highs in North and South Dakota will be in the mid-upper 90’s. 100% of ND is considered to be in drought conditions, along with 78% of SD and parts of MT, WY, and MN. More rains in the forecast next week. Winter wheat harvest is still showing that we will have another low protein crop this year. Exports this week were 16.9 million bushels. ‘17/18 US production is estimated at 1.820 billion bushels and 2.310 in ‘16/17. US carryout at .911 billion bushels. World carryout estimates at 257.77 million tonnes.