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- Morning Grain Market Research
Some had come to believe that it was not possible but indeed, we can see prices trade higher in the grain and soybean market, albeit not much higher at...
- Is it Time to Buy Corn And Soybeans?
Globally, coarse grains are expected to have lower production and lower stocks compared to the previous months estimate.
Agricharts Market Commentary
Corn futures are trading 1 to 2 cents lower at the moment. Most of the Midwest has been hit by rain so far this week, with more expected in the coming days. This morning’s EIA report showed ethanol production up another 11,000 barrels per day in the week that ended on June 15. Weekly production of 1.064 million bpd was the largest since mid- February. Ethanol stocks shrunk 527,000 barrels to 21.647 million barrels in that week. Export sales estimates ahead of tomorrow's report are showing 0.7 to 1 MMT in old crop sales and 150,000 to 400,000 MT in new crop sales. A South Korean feed mill purchased 138,000 MT of optional origin corn in Tuesday's tender.Jul 18 Corn is at $3.52 3/4, down 1 cent,Sep 18 Corn is at $3.62 1/4, down 1 cent,Dec 18 Corn is at $3.74 1/4, down 1 1/4 centsMar 19 Corn is at $3.83 1/2, down 1 1/2 cents
Wheat futures are currently steady to 6 1/2 cents higher at midday. Rains in the forecast for KS could keep combines out of the field sometime over the next week. The average trade estimate ahead of Thursday morning's USDA Export Sales report is for all wheat new crop sales at 250,000 to 500,000 MT. That would be within range of last week's total. Ukraine's Ag Ministry estimates 41 MMT of grains for export in the 17/18 MY (through the end of June), with 38.6 MMT shipped so far. That total includes 16.8 MMT wheat, down 2.6% from last year.Jul 18 CBOT Wheat is at $4.84 1/4, up 6 1/2 cents,Jul 18 KCBT Wheat is at $4.84 1/2, up 1 1/2 cents,Jul 18 MGEX Wheat is at $5.53 1/4, up 3 3/4 cents
Soybean futures are showing fractional gains at midday. Front Month soy meal is down 90 cents/ton, with soybean oil up 35 points. Wet weather across the Plains and trade concerns continue to weigh on the market. Gains are helped by bargain hunting and shorts taking profits. Analysts are expecting Thursday's Export Sales report to show old crop soybean sales at 300,000 to 600,000 MT, with new crop seen at 100,000 to 400,000 MT. Soy meal is estimated at 50,000 to 300,000 MT in sales, as 0-30,000 MT are seen for soy oil. China sold 77,782 MT of 2013 soybeans from state reserves in an auction on Wednesday, totaling 25.4% of the offered amount.Jul 18 Soybeans are at $8.89 3/4, up 3/4 cent,Aug 18 Soybeans are at $8.94 3/4, up 1/2 cent,Sep 18 Soybeans are at $9.01, up 3/4 cent,Nov 18 Soybeans are at $9.11 1/4, up 1/4 cent,Jul 18 Soybean Meal is at $333.60, down $0.90Jul 18 Soybean Oil is at $29.20, up $0.35