June 26, 2013
Producer Marketing Manager
The market patiently awaits Friday’s Quarterly Stocks and Planted Acreage report. We will have trade estimates in tomorrow’s Morning Market Insight.
Corn: As of 7:45 – July UP 4, NC UP 1
The July contract was the only corn contract that finished higher yesterday. Ethanol production numbers will be out this morning and are not expecting much of a change from last week. Interesting chart below on Growing Degree Days and anticipated window for Pollination for IL, NE, and Aberdeen, SD. Looks to push Black Layer back into mid to late Sept.
Soybeans: As of 7:45 – Nearby Down 4, NC Down 3
The bean market was stronger yesterday led by the old crop contracts as the old crop – new crop inverse strengthens. Reports are that unplanted acres in IA, SE MN will still go until the Fourth of July. Hopefully the switch to a drier pattern will allow them to get finished and for the rest of the crop to take off.
Wheat: As of 7:45 – MPLS & KC Up 2
KC was lower for the third day in a row on continued reports of excellent yields in the eastern parts of KS, lighter yields in the west where it continues to be dry. On the export front, Iraq’s tender for 50,000 tons of wheat went to Serbia and Hungary yesterday…..US’s offer was $2.40 too high. Hard to compete in the world market at these price levels. Something to watch is talk of potential problems with the Chinese wheat crop….importing more?