- Looking for Higher Corn and Bean Acres
- Morning Grain Market Research
A rain makes grain mentality along with steady concerns about the rapidly approaching T-Day (tariff day) on the 6 th of July have joined forces to...
- Wheat To Recover From Drought
The drought in Oklahoma and Kansas that has plagued this beautiful commodity is coming to an end.
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- Wheat CBOT -September 2018
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- Oil Talks with Russia on Tap. The Corn & Ethanol Report 06/25/18
We kickoff the week with New Home Sales at 9:00 A.M., Export Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M. On the Corn [...]
Agricharts Market Commentary
Corn futures are down 6 to 7 cents in most contracts on Monday. Rains are making another round throughout the Corn Belt to start the week. The NWS 6-10 and 8-14 day outlooks are anticipating above average temps for the eastern 2/3 of the Corn Belt. There are chances for the WCB to dry out in the latter portion of that forecast period. This morning’s USDA Export Inspections report showed that 1.512 MMT of corn was exported in the week that ended on 6/21. That was 10.04% lower than the week prior but a jump of 55.91% from the same week last year. A total of just 336 MT (13,227 bushels) of sorghum was inspected for export in that week, all to Mexico. Analysts are expecting to see corn conditions steady to 1% lower in this afternoon’s Crop Progress report at 77-78% gd/ex.Jul 18 Corn is at $3.50 3/4, down 6 1/2 cents,Sep 18 Corn is at $3.59 1/2, down 7 cents,Dec 18 Corn is at $3.71 1/2, down 6 1/2 centsMar 19 Corn is at $3.81 1/4, down 6 1/4 cents
Wheat futures are showing losses of 12 to 17 1/4 cents in the winter wheat contracts, with MPLs down 7 to 8 cents. All wheat export inspections during the week of 6/21 were tallied at 352,836 MT by the USDA this morning. That was 5.75% lower than week prior and down 46.53% from the same time last year. Total inspections for wheat export are at just 1.146 MMT for the first 3 weeks of the 18/19 MY, down 50% from last year. Spring wheat condition ratings are seen at 78% gd/ex, UNCH from last week’s huge jump. Iraq is seeking 50,000 MT of wheat in a tender that closes on July 2, with Australia, Canada, and the US accepted origin.Jul 18 CBOT Wheat is at $4.78 1/2, down 12 3/4 cents,Jul 18 KCBT Wheat is at $4.71 1/2, down 17 1/4 cents,Jul 18 MGEX Wheat is at $5.41 1/2, down 7 1/2 cents
Soybean futures are 18 to 20 cents lower on Monday, with pressure coming from continued trade uncertainty and weather. Front month soy meal is down $5.90/ton, with soybean oil 17 points in the red. The USDA reported a private export sale of 186,000 MT of 17/18 soybeans to unknown destinations through their daily reporting system. That fresh sales news was more than offset by news over the weekend that President Trump is planning to place investment restrictions for other countries on US technology firms. A statement from Treasury Secretary Mnuchin says the restrictions are not specific to China, but all countries they suspect are attempting to steal US technology. Export inspections of soybeans in the week of June 21 totaled 514,214 MT. That was a drop of 37.17% from the previous week, but is 56.47% larger than the same week in 2017. Condition ratings are expected to be steady at 73% gd/ex in this week’s report from NASS. Brazilian buyers have slowed down purchases from the interior due to uncertainty about freight costs to get the beans to port.Jul 18 Soybeans are at $8.76 1/4, down 18 1/4 cents,Aug 18 Soybeans are at $8.81 1/4, down 18 3/4 cents,Sep 18 Soybeans are at $8.86 1/2, down 19 1/2 cents,Nov 18 Soybeans are at $8.96 1/4, down 20 cents,Jul 18 Soybean Meal is at $333.20, down $5.90Jul 18 Soybean Oil is at $29.04, down $0.17