July 3rd, 2013
Markets today: Chicago closes at 12:00 noon. Minneapolis closes at 12:15pm. Markets will not open again until 8:30am July 5th.
Markets higher this morning on short covering and bargain hunting going into the 4th of July Holiday.
Corn as of 8:00am. Sep. 4 higher Dec. 5 higher
We see corn up again this morning. Trade still seems to be digesting the report news, and trying to get their ducks in a row before the July 11th monthly stocks report. Informa will estimate crop projections today at 10:30 am. Weekly ethanol numbers out today to. Will we be less than last week? Old crop pricing opportunities could maybe come in the August time frame as ethanol and other domestic users scramble to find corn before the harvest flush. New crop values to remain under pressure. Weather forecasts seem to be improving thus allowing corn conditions to remain adequate. The trade still will have to take into account the late planting season. Old crop tightness will continue to have some support in the weeks to come. New crop on the other hand is at the mercy of the weather.
Soybeans as of 8:00am. Aug. 12 higher Nov. 12 higher
Soybeans moving higher. Critically old crop stock levels are finaly coming back into play after the June 28th report. Trade expecting to see a bump in acres planted next week because Iowa still has some 300,000 acres to go. Conditions are expected to improve as weather gets better. Old crops tightness will continue to play a roll as long as domestic demand stays strong. New crop values depend on the export market and weather.
Wheat as of 8:00am. Spr. Wheat. 5 higher Win. Wheat. 9 higher
Egypt buys 180,000 tons of Romanian and Ukraine wheat! That was the big news yesterday. The Trade is continuing to figure out wheat conditions, harvest yields, export expectations and general weather. Yields in central Kansas coming in between 60-70 with some reporting 100 bushels per acre. China is rumored to be a big player in the wheat market. It is reported that they bought 300,000 tons of Australian wheat.