Floor Talk June 18
At the close:
The July corn futures contract settled 2 3/4 cents higher at $4.41.
The Dec. corn futures finished unchanged at $4.39.
The July soybean futures contract settled 10 3/4 cents higher at $14.09.
The Nov. soybean futures finished 1 cent higher at $12.13.
July wheat futures closed 5 1/4 cents higher at $5.87.
The July soymeal futures contract settled $2.50 per short ton higher at $453.20.
The July soyoil futures closed $0.45 higher at $40.13.
In the outside markets, the NYMEX Brent crude oil is $0.21 per barrel lower, the dollar is lower and the Dow Jones Industrials are 22 points higher.
Peter Meyer, PIRA Energy grain analyst, says the markets have little to trade this week. "Overnight old crop bean sales and concerns over severe weather continuing in the upper Midwest are the only talking points. Wheat’s just short covering. There’s really nothing of interest in these markets currently."
The July corn futures contract is trading 4 cents higher at $4.42.
The Dec. corn futures are trading 2 cents higher at $4.41.
The July soybean futures contract is 9 cents higher at $14.07.
The Nov. soybean futures are trading 2 cents lower at $12.10.
July wheat futures are 8 1/2 cents higher at $5.90.
The July soymeal futures contract is trading $1.50 per short ton higher at $452.20.
The July soyoil futures are trading $0.44 higher at $40.12.
In the outside markets, the NYMEX Brent crude oil is $0.02 per barrel higher, the dollar is lower and the Dow Jones Industrials are 37 points lower.
Last week, the U.S. produced a record daily average amount of ethanol, according to the Renewable Fuels Association. Here is the weekly report:
According to EIA data, ethanol production averaged a record 972,000 barrels per day (b/d) --or 40.82 million gallons daily. This eclipses the previous record of 963,000 b/d for the week ending 12/30/2011. Last week’s output was up 28,000 b/d from the week before. The four-week average for ethanol production stood at 945,000 b/d for an annualized rate of 14.49 billion gallons, the RFA press release states.
Stocks of ethanol stood at 17.9 million barrels. That is a 3.1% decrease from last week, and stocks returned to the 20-day supply level.
Imports of ethanol were non-existent for the third time in four weeks.
Looking Ahead: Here's a glimpse into the upcoming June 30th Stocks/Acreage Report, according to AgResource. In it's wire to customers, today, the company spells out what will be the most watched in the report. What do you think?
Here is the order of importance, according to the marketing firm:
1. Corn feed use number
2. June 1st U.S. soybean stocks.
3. New-crop U.S. corn/soy seeding totals.
4. 2014 U.S. soybean seedings expected at 82-83 million acres. That would be record-large.
Note: The June 1st U.S. soybean stocks are expected to be the lowest in recent years. Ahead of the report, in the next 7 days, traders are expected to get long July soybeans and short November.
At the open:
The July corn futures contract is trading 2 cents lower at $4.41.
The Dec. corn futures are trading 1 3/4 cents higher at $4.41.
The July soybean futures contract is 16 cents higher at $14.14.
The Nov. soybean futures are trading 3 cents higher at $12.15.
July wheat futures are 6 cents higher at $5.87.
The July soymeal futures contract is trading $5.30 per short ton higher at $456.00.
The July soyoil futures are trading $0.48 higher at $40.16.
In the outside markets, the NYMEX Brent crude oil is $0.24 per barrel higher, the dollar is lower and the Dow Jones Industrials are 70 points lower.
Early calls: Corn is seen 1-2 cents lower, soybeans 10-12 cents higher, and wheat 6-8 cents higher.
Overnight grain, soybean markets=Trading higher.
Brent Crude Oil=$0.24 per barrel higher.
Wall Street=Seen higher, as Feds 2-day decision will be announced on Wednesday whether the Fed trims Q/E spending.
World Markets=Europe stocks were higher, Asia/Pacific stocks were higher.
More in a minute,
Re: Floor Talk June 18
We're seeing way too much of this, lately. First, northeast Nebraska and now farm country in northeast Iowa gets hit by tornadoes. Photo courtesy of KCRG in Cedar Rapids. Keep your heads down.
Re: Floor Talk June 18
kcbt wheat was up 6.5 cents today in July and over 14 cents in Sept.
Was that too embarassing to include.
Just a pause on our glorious way down?
Also Basis in sw is going up as futures in corn go down now +75 at ethanol and +92 delivered to Seaboard Feed mill