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.
Export sales out this A.M.
Corn Down 3 as of 7:45
Little fresh news and a favorable weather forecast made for an uneventful day of trade for corn Wednesday. Both July and December corn futures closed the day down 1 ¼ cents. Traders continue to stay focused solely on weather forecasts this week. Forecast are still calling for chances of rain across the Mid-West and cooler temperatures this weekend. SA 2nd crop corn harvest continues to roll along with no issues delaying progress. Ethanol Production was reported at 990k barrels per day down 12k barrels. Ethanol stocks dropped 262k barrels to 22.28 million barrels.
Beans Down 3 as of 7:45
Beans finished very weak later in the session yesterday to close near the lows of the day. July beans closed down 9 cents and November beans closed down 11 cents. Favorable weather conditions for beans continue to pull back the leash on the bean market. SA continues to flood the market place with beans and the US cant seem to compete on price right now.
Wheat Minneapolis Down 4 and Kansas city Down 8 as of 7:45
The wheat market saw some profit taking yesterday from the recent run up in the futures market.
Minneapolis July futures were down 7 ½ cents on the day and Kansas City July futures closed down 6 ½ cents. Light rainfall in the Dakotas in the last 24 hours added pressure to the wheat market yesterday as well. WW harvest in Kansas continues to roll along with no issues holding back progress at all. Yields continue to come in high and protein is running low.