At the close:
At the close, the Sept. corn futures settled at the daily limit up of 30 cents at $4.22 per bushel. The Dec corn futures finished 29 1/4 cents higher at $4.31 1/2 per bushel.
Aug. soybean futures finished 55 cents lower at $10.49 1/2. Nov. soybean futures finished 57 1/4 cents higher at $10.37 1/4.
Sept. wheat futures ended 32 1/4 cents higher at $6.15 3/4.
Aug. soymeal futures ended $17.90 per short ton higher at $351.90. Aug. soyoil futures closed $0.54 higher at $33.65.
In the outside markets, the Brent Crude oil market is $1.63 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 52 points higher.
Mike
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At 11:45am:
WHAT A RALLY!!!!!
Corn is up 15 cents, Soybeans are 40 cents higher, Wheat is up 9 cents.
Mike
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At 11:10am:
Corn is up 13 cents
Soybeans are up 12 cents
Mike
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USDA SAYS:
In its June Planted Acreage Report:
Corn= 88.9 million vs. the trade expectation of 89.3 million and its March estimate of 89.2 million.
Soybeans= 85.1 million acres vs. the average analysts estimate of 85.2 million and 84.6 million in March.
Wheat= 56.1 million acres, compared with the trade’s expectations 55.9 million compared with the USDA’s March estimate of 55.4 million.
The USDA’s Quarterly Stocks Report shows stocks as of June 1.
Corn= 4.447 billion bushels vs. the average analysts estimate of 4.555 billion bushels, compared with the USDA June 1, 2014 stocks estimate at 3.852 billion bushels.
Soybeans= 625 million bushels, vs. the trade’s expectation of 670 million bushels and the USDA’s 405 million on June 1, 2014.
Wheat= 753 million bushels vs. the trade’s expectation of 718 million bushels and the June 1, 2014, stocks at 590 million.
TRADE REACTION:
Market is reacting positively for corn, soybeans. Corn is up 12-13 cents, soybeans up 13-14 cents.Wheat is lower on higher stocks.
Jack Scoville, The PRICE Futures Group senior market analyst, says that the report’s soybean stocks are bullish, planted area not.
“Corn is bullish. Market flew higher and should hold. Really nothing there for the bear right now, the weather surely has made an impact and this is reflected in the data for corn. The soybean stocks were whispered, in the marketplace. But, even so, today’s report showed a low number and should help support the domestic market if nothing else.”
--Sal Gilbertie, Teucrium Trading Inc., says that today’s report Today’s numbers are supportive in that both planted acreage and stocks are down vs what traders expected, especially in corn and soybeans.
“The wheat numbers show good plantings and adequate stocks, but these numbers clearly do not reflect the current weather related issues plaguing farmers right now. It’s simply too wet in the United States and too dry in parts of Canada and the EU/FSU. Overall, prices seem to be reflecting a belief by traders that grain prices may be finding some long-term support, after their two year price declines coming into the current crop year,” Glibertie says.
--Don Roose, U.S. Commodities, says today’s bullish report is combining with the bullishness that was already in the market.
“So, the market is still dialing in weather premium,” Roose says. In addition, corn and soybean balance tables are going to tighten for 2015-16 from whatever we thought they were, due to the smaller acreage and smaller stocks estimates. For soybeans, the balance table will continue to tighten for old-crop, also.”
With weather still a concern, the market psychology is that crop-sizes are not getting bigger, Roose says.
On stocks, U.S. feed usage for the last quarter jumped higher than previous thoughts, Roose says.
“We already knew ethanol production and exports, because weekly and monthly data accounts for those two. But, the stocks are always the fudge factor,” Roose says.
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At the open:
At the open, the Sept. corn futures are trading 1 cent higher at $3.93 per bushel. The Dec corn futures are 1/2 of a cent higher at $4.02 per bushel.
Aug. soybean futures are trading 5 cents lower at $9.89. Nov. soybean futures are trading 5 cents lower at $9.74.
Sept. wheat futures are unchanged at $5.83.
Aug. soymeal futures are trading $0.30 per short ton higher at $344.30. Aug. soyoil futures are trading $0.22 lower at $32.89.
In the outside markets, the Brent Crude oil market is $0.64 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 87 points higher.
Mike
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An unscientific poll on Agriculture.com has most folks believing that the USDA will announce less than 83.0 million soybean acres in today's report. Here are the poll results, so far:
16% say 83.0 million
32% say 85.2 million
16% say 86.0 million
35% say less than 83.0 million
What say you? And what will you be watching the closest in today's reports?
Mike
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At 7:30am:
At 7:10am:
Early calls: Corn 4-6 cents higher, soybeans 2-4 cents lower, and wheat 1-2 cents higher.
Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.76 higher.
Dollar =Higher.
Wall Street = Seen lower, after the worse losses of the year were recorded yesterday.
World Markets = Europe stocks were lower, Asia/Pacific stocks were higher.
More in a minute,
Mike
