Corn prices ground lower today, mostly due to favorable planting weather and perceived production gains just because the seed is getting into the ground. Planting activity has picked up, although some folks were chased out by showers last night and the forecast for Thursday into the weekend is wet for the heart of the Corn Belt. The EIA weekly ethanol production rose to an average of 857,000 bpd, up 14,000 bpd from last week. There were zero gallons imported for the fifth week out of the past six. Consumption was larger than production, drawing down ethanol stocks to 16.4 million gallons. That is the tightest stocks number since November 2011.
|Jul 13 Corn closed at $6.50 3/4, down 1 3/4 cents,|
|Sep 13 Corn closed at $5.63 1/2, down 6 1/4 cents,|
|Dec 13 Corn closed at $5.31 3/4, down 6 1/4 cents|
|Mar 14 Corn closed at $5.42 1/4, down 5 1/2 cents|
Soybean futures settled lower, with new crop weaker than old crop. NOPA put the April crush at 120.113 million bushels, about 5 million bushels less use than then trade had expected. Soy oil stocks were 2.638 billion pounds. We are hearing significant planting progress over the past 48 hours, with producers pressing to get the crop in the ground ahead of expected rains. China bought another 171,000 MT of US new crop soybeans, reported under the daily USDA system. Trade estimates call for weekly USDA Export Sales of only 200-600,000 MT. Meal expectations are also low at 25-150,000 MT.
|Jul 13 Soybeans closed at $14.12 3/4, down 2 cents,|
|Aug 13 Soybeans closed at $13.42, down 4 1/4 cents,|
|Sep 13 Soybeans closed at $12.62 1/2, down 5 1/2 cents,|
|Jan 14 Soybeans closed at $12.17 1/4, down 4 1/4 cents,|
|Jul 13 Soybean Meal closed at $410.50, down $1.30,|
|Jul 13 Soybean Oil closed at $49.35, down $0.41|
Wheat futures experienced double digit losses in Chicago and KC, with smaller losses in Minneapolis. Rain predicted for the upper Midwest growing area is seen slowing spring wheat planting once again. That helped MPLS vs. the other two markets. Russian wheat is being stressed by dry conditions in May, with some scattered showers predicted. South Korea bought a reported 70,000 MT of wheat from Cargill, but it was Australian origin for July and August shipment. Traders are looking for USDA to show net weekly export sales of only 200-500,000 MT.
|Jul 13 CBOT Wheat closed at $6.93 3/4, down 17 cents,|
|Jul 13 KCBT Wheat closed at $7.51 3/4, down 15 1/4 cents,|
|Jul 13 MGEX Wheat closed at $8.03 3/4, down 7 1/2 cents|