June 29th 2012
Grain Marketing Specialist
No major changes from USDA stocks/acreage report this morning. There is some moderate moisture working into parts of the Corn Belt over the weekend but most are skeptical until it actually hits the ground. Outside markets are beneficial this morning with the stock market higher and dollar sharply weaker as Europe takes steps to ease debt crisis.
Corn: As of 8:00- 18 higher
Acreage this morning at 96.4 compared to average trade estimate of 95.9 and March intentions of 95.9. Stocks this morning at 3.148 vs average trade estimate at 3.182 billion. No significant changes so we will likely go back to trading weather.
Soybeans: As of 8:00- 22 higher
Acreage reported at 76.1 up from the average trade estimate of 75.57 and March intentions of 73.9. Stocks reported at .667 compared to the average trade estimate at .640 billion. Acres and stocks both higher however we will likely be back to trading weather.
Wheat: As of 8:00- 10 higher
All wheat acreage reported at 56 vs average trade estimate of 56.8 and March intentions of 55.9. Wheat stocks reported at .743 vs average trade estimate of.726 . Slightly larger stock number implies less feed use. Wheat should take its lead from corn and beans.