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Grains Futures Prices

Wed, Jun 28th, 2017
[[ timeframe ]] futures price quotes as of Wed, Jun 28th, 2017.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.

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Wed Jun 28, 4:57PM CDT
Corn futures finished fractionally to 2 1/2 cents lower on Wednesday. Showers moved across NE into MN and IA overnight, and were rolling across the Corn Belt today. Analysts with Lanworth are estimating the 2017/18 corn crop at 13.6 bbu, down 4% from their previous estimate. The market is waiting to see if the acreage assumption in that number is stable. This morning’s EIA report showed daily ethanol production for the week of June 23 25,000 barrels per day higher than the previous week at 1.015 million bpd. That is the largest wk/wk increase since the last week in October 2016. Ethanol stocks also shrank to the lowest point in almost five months to 21.838 million barrels. The East Coast and the Rockies were the only regions to see an increase. Estimates ahead of tomorrow’s export sales report are running 350,000-550,000 MT for old crop, with 100,000-300,000 MT for new crop weekly sales. Jul 17 Corn closed at $3.56 3/4, down 2 1/2 cents, Sep 17 Corn closed at $3.66 1/4, down 1 1/2 cents, Dec 17 Corn closed at $3.76 1/4, down 1 1/4 cents Mar 18 Corn closed at $3.86, down 1 1/2 cents
Wed Jun 28, 4:57PM CDT
Wheat futures showed gains of mostly 3 to 5 cents in the KC and CBT contracts on Wednesday, as MPLS carried the weight, 23 1/4 cents in nearby July and hitting new multi-year highs. A few producers in SW KS are reporting that yields are down from last year. Elevators are firming basis in order to capture the grain for storage hedges. The trade is projecting 2017/18 export sales will be 350,000-550,000 in Thursday’s USDA weekly export sales report. Last week beat expectations of 500,000 MT at 542,881 MT. Temperatures are cooling off slightly in Western Europe, with Russia and Ukraine still experiencing warmer temps. Jul 17 CBOT Wheat closed at $4.57 1/4, up 4 cents, Jul 17 KCBT Wheat closed at $4.61 1/2, up 4 1/4 cents, Jul 17 MGEX Wheat closed at $7.04 3/4, up 23 1/4 cents
Wed Jun 28, 4:57PM CDT
Soybean futures closed with gains of 2 3/4 to 4 1/4 cents on Wednesday. July 17 soy meal was up 60 cents, with soy oil 4 points higher in the front month. Traders are expecting 200,000-400,000 MT for old crop sales in Thursday’s export sales report, as new crop is projected at 100,000-300,000 MT. Total soy meal sales are estimated at 50,000-200,000 MT, with soy oil in the 5,000-29,000 MT range. Lanworth increased their 2017/18 soybean production estimate to 4.07 bbu, up 1% over their last estimate. Abiove updated their 2016/17 Brazilian production estimate to 113.2 MMT, 0.7 MMT above their previous estimate. They also increased their Brazil annual export projection to 63 MMT (2.314 billion bushels!), up 1.3 MMT (+47.8 mbu). Jul 17 Soybeans closed at $9.14, up 2 3/4 cents, Aug 17 Soybeans closed at $9.19, up 3 cents, Sep 17 Soybeans closed at $9.20 3/4, up 3 1/2 cents, Jan 18 Soybeans closed at $9.29 1/2, up 4 1/4 cents, Jul 17 Soybean Meal closed at $294.60, up $0.60, Jul 17 Soybean Oil closed at $32.12, up $0.04
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