At the close:
The July corn futures settled 20 cents higher at $6.72, while the Dec. contract finished 2 cents higher at $6.34 3/4. The July soybean contract settled 46 3/4 cents higher $15.12, while the Nov. 2012 contract closed 25 cents higher at $14.28 1/4. The July wheat futures closed 13 cents higher at $7.39. July soyoil futures ended $1.23 higher at $52.15. The July soymeal futures finished $10.80 higher at $437.40.
In the outside markets, the NYMEX crude oil is $6.87 per barrel higher, the dollar is lower and the Dow Jones Industrials are 240 points higher.
Mike
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At mid-day:
the July corn futures are 18 1/4 cents higher at $6.70 1/4, while the Dec. contract trades 2 1/2 cents higher at $6.34 3/4. The July soybean contract is trading 34 1/4 cents higher $15.00 1/4, while the Nov. 2012 contract trades 22 1/4 cents higher at $14.25 1/4. The July wheat futures are trading 9 cents lower at $7.35. July soyoil futures trade $0.74 higher at $51.66. The July soymeal futures are trading $6.00 higher at $432.80.
In the outside markets, the NYMEX crude oil is $4.48 per barrel higher, the dollar is lower and the Dow Jones Industrials are 212 points higher.
Mike
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At 10:30am:
Old-crop corn is rallying. One analyst says, "Traders that were betting the report would be not as bearish as pre report estimates suggested bought prior the reports release, with corn and beans up 12 to 15. But, a slightly more bearish report had them sell the reports release, only to find the weather traders waiting to buy. Weather 'longs' sold out yesterday, looking to re-enter on a lower open today."
Mike
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Early Trading:
In early trading, the July corn futures are 19 3/4 cents higher at $6.71 3/4, while the Dec. contract trades 17 cents higher at $6.49 1/4. The July soybean contract is trading 15 cents higher $14.81 3/4, while the Nov. 2012 contract trades 14 cents higher at $14.18. The July wheat futures are trading 9 cents lower at $7.35. July soyoil futures trade $0.88 higher at $51.80. The July soymeal futures are trading $2.50 higher at $429.10.
In the outside markets, the NYMEX crude oil is $2.68 per barrel higher, the dollar is lower and the Dow Jones Industrials are seen opening higher.
Mike
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At 7:30am:
USDA Report Results:
Acreage:
Corn=96.4 million vs. the average trade estimate of 95.962 and the March estimate of 95.864 million.
Soybeans= 76.1 million vs. the average trade estimate of 75.575 million and the March estimate of 73.902.
All Wheat= 56.0 million vs. the avg. trade estimate of 56.851 million and the March est. of 55.908 million.
Grain Stocks
Corn=3.148 billion bushels vs. the trade's expectation of 3.182 billion and the USDA's previous est. 6.009 bill.
Soybeans=667 million vs. the avg. trade estimate of 640 million and the March estimate of 1.372 billion.
Wheat=743 million bushels vs. the avg. trade estimate of 726 million and the March 1.201 billion bushels.
What do you all think?
Trade Reaction:
One analyst says, "Acres were in-line with expectations, a little negative to soybeans. But, our view is some of the intended double crop acres won’t get planted, unless rain develops south of I-80 where wheat was," he says.
Grain Stocks were supportive to corn, neutral wheat/soybeans, he says.
"I didn’t see anything too negative in the report but the Spring Wheat acres were pretty friendly," he says.
Another analyst says, "In spite of high planted acreage, the report shows corn inventories continuing to tighten versus last year, which brings the intensity of the Midwestern drought into focus for traders and end users.
A continuation of the dry weather during this important pollination time might confirm the market’s worst fears that global corn stocks will remain tight for another year," he says.
U.S. ethanol production declined last week, but that will only bring temporary relief on global demand for corn, especially if energy prices return to higher levels, he says.
He adds, "This report puts more importance on next month’s projected corn and soybean yield estimates, which will be entirely dependent on weather going forward. Corn may take the headlines, but soybeans are still the main story, projected soybean stocks may reach critically low levels given China’s rate of increasing import levels year to date.
Both corn and soybeans could potentially see further tightening of their balance sheets, depending upon the ultimate severity of the drought, he says.
Mike
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At 5:45am:
Early calls: Subject to this morning's USDA Stocks & Seeds Reports to be released at 7:30am. Watch for data and trade response right here, following the report.
Currently, overnight corn is 12 cents higher, soybeans are up 10 cents and wheat is 9 cents higher.
Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$2.09 per barrel higher.
Dollar=Lower.
Wall Street=Seen opening higher as investors feel confident about an EU summit deal that will prop up troubled eurozone banks.
World Markets=Higher on EU Summit announcement.
More in a minute,
Mike
![062812951553[00].jpg](https://community.agriculture.com/t5/image/serverpage/image-id/2397i3183D3C5C62CEDB8/image-size/original?v=mpbl-1&px=-1 "062812951553[00].jpg")
![062812951602[00].jpg](https://community.agriculture.com/t5/image/serverpage/image-id/2399i01358C6833DC162C/image-size/original?v=mpbl-1&px=-1 "062812951602[00].jpg")
