Floor Talk June 3

[marketeye]

At the close:

At the close,  the July corn futures finished unchanged at $3.59 per bushel. The Dec corn futures finished 3/4 of a cent higher at $3.76 3/4 per bushel.
July soybean futures closed 5 1/2 cents higher at $9.35 1/4. Nov. soybean futures are trading 2 cents lower at $9.15.

July wheat futures closed 1 3/4 cents lower at $5.10 3/4.

July soymeal futures finished $0.90 per short ton higher at $302.70. 

In the outside markets, the Brent Crude oil market is $1.58 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 73 points higher.

Mike

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At 11am:

Informa:

U.S. All wheat production= 2.143 billion bushels vs. 2.087 USDA previous. 

So, the firm released just wheat estimates, today. Its U.S. corn and soybean acreage estimates will be out a week from Friday. Last year, its acreage update came two days after the June WASDE.

Here's what else the firm updated Wednesday:

Informa est US 2015 winter wheat crop near 1,481 mil bu vs USDA 1,472
HRW was 867 mil bu vs USDA 853, SRW was 411 vs USDA 416.

Informa lowered World 2015/16 wheat crop 900 mt due to lower FSU crop

Informa raised World 2014/15 corn crop 1.2 mmt due to higher Argentina
Informa raised World 2015/16 corn crop 2.5 mmt due to higher Ukraine

Informa lowered World 2015/16 Barley crop 3.2 mmt due to lower Russia and Ukraine

Informa raised World 2014/15 soybean crop 2.00 mmt due to higher Brazil and Argentina

Informa lowered World 2015/16 sunflower crop 1.4 mmt due to lower Russia and Ukraine

Inforam lowered World 2015/16 rapeseed crop 250 mt due to lower Canada

Mike

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At mid-session:

At mid-session,  the July corn futures are trading 4 1/4 cents higher at $3.63 per bushel. The Dec corn futures are 4 1/4 cents higher at $3.80 per bushel.
July soybean futures are trading 3 1/4 cents higher at $9.44. Nov. soybean futures are trading 5 1/4 cents higher at $9.22.

July wheat futures are trading 10 3/4 cents higher at $5.23.

July soymeal futures are trading $1.70 per short ton higher at $303.50. 

In the outside markets, the Brent Crude oil market is $0.94 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 77 points higher.

Mike

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At 10:35am:

Everything is up, this morning. Still waiting on the Informa acreage estimates. But, here is the latest on the weekly ethanol production from the Renewable Fuels Association press release:

According to EIA data, ethanol production averaged 972,000 barrels per day (b/d)—or 40.82 million gallons daily. That is up 3,000 b/d from the week before, and the fourth straight weekly increase in output. The four-week average for ethanol production stood at 953,000 b/d for an annualized rate of 14.61 billion gallons. On a year-to-date basis, output has averaged 14.52 billion gallons annualized—1.1 billion gallons more than EPA’s 5/29/2015 proposal of 13.4 billion gallons for the 2015 RFS.

Stocks of ethanol stood at 20.1 million barrels. That is a 0.1% decrease from last week.

Mike

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In early trading:

In early trading,  the July corn futures are trading 1 3/4 cents higher at $3.60 per bushel. The Dec corn futures are 1 1/2 cents higher at $3.77 per bushel.
July soybean futures are trading unchanged at $9.40. Nov. soybean futures are trading 1 1/2 cents higher at $9.18.

July wheat futures are trading 3 1/4 cents higher at $5.15.

July soymeal futures are trading $0.10 per short ton lower at $301.70. 

In the outside markets, the Brent Crude oil market is $0.55 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 59 points higher.

Mike

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At 7:50am:

Early calls: Corn 1-2 cents lower, soybeans 4-5 cents lower, and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $1.04 lower.
Dollar =Higher. 
Wall Street = Seen higher, with U.S. data in focus, and news from Draghi speech.

World Markets = Europe stocks were higher, Asia/Pacific stocks were lower.

More in a minute,

Mike