Today’s Grain Future

Corn futures were up 1 ¾ to 7 ¾ today. USDA put Weekly Export Sales for the week ending May 23 at 875,300 MT. That was above trade expectations. The weather forecasts also continue to be quite wet for the afflicted areas along the Canadian border and in states touching the Mississippi River. More producers are deciding to take the prevent plant crop insurance payment and forego the production risk. Those with cattle are more likely to plant late and not worry about reaching full maturity, just trying to get silage. Silage acres are not counted as harvested for grain.

Jul 13 Corn closed at $6.62, up 7 3/4 cents,
Sep 13 Corn closed at $5.97 1/4, up 5 1/2 cents,
Dec 13 Corn closed at $5.67 1/4, up 4 1/2 cents
Mar 14 Corn closed at $5.77, up 4 1/4 cents

Soybean futures backed off in the last hour, but still settled 11 to 15 ½ cents higher. Meal was up $6.40/ton and soy oil lost 20 points. USDA reported net US soybean weekly export sales had a net reduction of 108,000 MT due by Chinese and unknown destination cancelations that totaled 236,300 MT. Net sales for the 2013/14 marketing year were for 756,600 MT for the week ending May 23. The soybean meal export sales total was 190,100 MT, 40,900 MT of which is slated for delivery in the next year, while soy oil net sales were 2,900.

Jul 13 Soybeans closed at $15.10, up 14 1/4 cents,
Aug 13 Soybeans closed at $14.37 3/4, up 11 cents,
Sep 13 Soybeans closed at $13.47 1/4, up 13 cents,
Nov 13 Soybeans closed at $13.04 1/4, up 15 cents,
Jul 13 Soybean Meal closed at $447.20, up $6.40,
Jul 13 Soybean Oil closed at $48.38, down $0.20

Wheat futures were higher on all three exchanges today, pulled higher by corn and a solid weekly Export Sales report for wheat. Trade guesses for the USDA weekly Export Sales report ran 300-700,000 MTs. Nearly all of that total was expected to be new crop, as the old crop marketing year ends Friday for wheat. That was the case. USDA indicated that net sales for the week were 764,200 MT, of which 35,900 MT was old crop business and the rest for shipment after June 1. The discovery of GMO wheat in Oregon is having ripple effects in the export business. The EU is recommending testing of soft white wheat imports to assure that they are non-GMO. Japan has withdrawn import tenders for white wheat from the US. Taiwan and South Korea are also suspending purchases on a mill by mill basis until USDA figures out how widespread the issue is.

Jul 13 CBOT Wheat closed at $7.05 1/2, up 6 3/4 cents,
Jul 13 KCBT Wheat closed at $7.51, up 5 cents,
Jul 13 MGEX Wheat closed at $8.20, up 4 1/2 cents