July 1st, 2013
Corn as of 8:25am. Sep. 3 lower Dec. 5 lower
Corn trading just a little lower this morning after Fridays report. The news was pretty neutral, all things considering. Old crop corn stocks remain tight with larger corn feeding and ethanol use. New crop planted acres up. Scattered rains came through the corn belt this weekend and temps remain cool. GDD's remain behind. Interesting thing to look at, last Friday on the December contract we hit the low, at $5.11 futures, and managed to hold that. Today we are trading lower than that.
Soybeans as of 8:25am Aug. 21 higher Nov. 5 higher
Soybeans trading much higher on tight old stock. Soybean stocks now leave us on track for a sub carry out of 100 million bushels. This means the tightest stocks to use ratio in modern times. New crop planted acres were also down, and that is helping bring support.
Wheat as of 8:25am. Spr. Wheat. 2 higher Win. Wheat. 4 higher
Wheat is trading higher despite the USDA saying that there was more planted. Harvest news is not terrible, still with the drought that is persistent out west, wheat will remain a mystery.