Today’s Grain Market

Corn futures ended the day mostly 10 to 15 cents higher, with old crop July down 1 ¼ on unwinding of bull spreads and end of month asset allocation selling. New crop is getting support from ideas that 2 million or maybe 3 million acres of new crop may not be planted due to persistent wet weather conditions and favorable crop insurance price levels.

Jul 13 Corn closed at $6.65, down 1 1/2 cents,
Sep 13 Corn closed at $5.93 3/4, up 10 cents,
Dec 13 Corn closed at $5.65 3/4, up 14 3/4 cents
Mar 14 Corn closed at $5.75 3/4, up 14 1/4 cents

Soybean futures closed mixed, with old crop 2 to 6 lower and new crop up 1 ½ to 4 ½ cents. Soybean meal futures were up $2.60 to $4.90/ton. USDA confirmed that China had cancelled 147,000 MT of old crop export contracts, which nicked old crop values because of fears it could be the start of a larger scale reduction in the order book. Oil World is estimating that May soybean exports from Brazil may top 8.7 MMT. While there is plenty of time to plant soybeans (most prevent plant dates are June 10 or later), the wet conditions in the central US are a threat to total acreage. There is also concern that late maturity of the wheat crop will result in fewer double crop acres. USDA weekly export sales data will be delayed until Friday because of the Monday federal holiday.

Jul 13 Soybeans closed at $15.01 3/4, down 7 1/2 cents,
Aug 13 Soybeans closed at $14.29 1/4, down 4 1/2 cents,
Sep 13 Soybeans closed at $13.31 1/2, down 2 3/4 cents,
Nov 13 Soybeans closed at $12.88 1/2, up 1/2 cent,
Jul 13 Soybean Meal closed at $444.30, up $2.00,
Jul 13 Soybean Oil closed at $48.63, down $0.91

Wheat futures settled 6 to 13 cents higher in Chicago. Cheap Russian wheat offers are capping buyer interest, but quality US HRW and SRW are still a global need. Australian firms are making early projections for next year production around 24 MMT, which would be up from the weather reduced 22 MMT last year. Wire services report the GMO wheat was found growing in an Oregon field, and that the volunteer wheat was herbicide resistant. This is an unapproved variety and appears to be genetically related to a Monsanto test strain that was discontinued in 2005.

Jul 13 CBOT Wheat closed at $7.02 3/4, up 9 cents,
Jul 13 KCBT Wheat closed at $7.47 3/4, up 4 1/4 cents,
Jul 13 MGEX Wheat closed at $8.15 3/4, up 9 1/4 cents