Grain Marketing Specialist
USDA Grain Stocks Report is out June 30th at 11 A.M. CST. This report has the potential to be a very volatile report. Talk with your local Grain Marketing Specialist for advice on what levels to place your targets in preparation for this report.
Ethanol numbers released this A.M.
Corn Up 1 as of 7:45
Another weather driven day in the corn market pushed corn to close the day down 5 ¼ cents in the July and December futures contracts. Heavy rain is expected in the Southern US and flooding will likely become a problem near the Gulf Coast while the northwestern plains continue to suffer drought. Brazils corn harvest was reported at 5% complete last Friday which is just a touch behind last years pace at this time.
Beans Up 1 as of 7:45
Favorable weather and weakness in the “real” held the bean market back Tuesday as the July futures contract ended the day down a dime and November beans closed down 9 ¾ cents. South American beans continue to flood the market place and are the cheapest in the world to import right now. Soybeans continue to trend down lately, with the June 30th report right around the corner many are wondering just how many acres of beans really went in the ground this spring and how that will affect the bean market next Thursday.
Wheat Minneapolis Down 8 and Kansas city Down 6 as of 7:45
July Minneapolis Spring Wheat settled ¾ cents off the high yesterday to post a 16 ¾ cent gain on the day. July Kansas City Winter wheat closed the day in the green as well up 1 ¾ cents. Mondays Crop Progress report added fuel to the fire yesterday as SW conditions were reported down another 4% and down 35% from last year. Total US WW harvest was reported at 28% complete yesterday as well 3% ahead of average.