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.
Corn Unchanged as of 7:45
Both September and December corn futures closed the day Thursday down 6 cents, with more bearish pressure from mild summer temperatures in the 10 day forecast. Thursdays US Drought Monitor showed worsening drought conditions in the northwestern plains and an expanding area of abnormal dryness in the western plains. Last weeks export sales totaled 20.8 million and 47.7 million bushels which were on the low end of expectations.
Beans Up 4 as of 7:45
Another weather trading day as July and November beans both closed down 14 cents. Along with the concern that the June 30th report out next Thursday at 11 A.M. CST will estimate 89.5 million or more acres of beans planted. Last weeks export sales totaled 4.1 million and 10.9 million bushels, which were low numbers for the week but we are still 120 million bushels above USDA’s export estimate with 2 ½ months left in the marketing year.
Wheat Minneapolis Up 2 and Kansas City Unchanged as of 7:45
Minneapolis SW was the only commodity to close in the green yesterday with the July contract closing up 7 ½ cents. Kansas City WW closed trade unchanged on the day. Winter Wheat harvest continues to move along in Kansas with Central Kansas reporting 60 to 80 bpa yields and poor protein and western Kansas reporting lower yields and better protein. USDA said last week's export sales and shipments of wheat totaled 19.9 million and 26.4 million bushels. Bullish enough to put total wheat shipments up 37% in 2017-18 from a year ago.