Today’s Grain Future

Corn futures had a volatile day, and settled 3 ½ to 8 cents lower while awaiting the weekly USDA Crop Progress report. First of month asset allocation trades were going in both directions for corn, with longs also trying to get out of the way of the index funds, another of which begins selling July futures tomorrow. The USDA export inspections report this morning showed 11.66 MB was inspected for export last week. After the close, USDA reported that 91% of the US corn crop is now planted, lagging the 5 year average pace for this date of 95%. The total was about as expected, however. Emergence was at 74% vs. the 5 year average of 82%. Corn crop condition ratings began this week, with 63% rated good or excellent. That compares to 72% in 2012. The Brugler500 index is 365, the second lowest in 10 years for this date. 2008 is the closest.

Jul 13 Corn closed at $6.55 3/4, down 6 1/4 cents,
Sep 13 Corn closed at $5.88 3/4, down 8 1/2 cents,
Dec 13 Corn closed at $5.60, down 7 1/4 cents
Mar 14 Corn closed at $5.70 1/4, down 6 3/4 cents

Soybean futures were 19 ½ to 22 ½ cents higher today, continuing a rally that has now covered $1.44 since the April 24 low in November beans. A strong Chinese market for soybeans and soy products is supporting the US soy market. September soybeans on the Dalian exchange closed at the equivalent of $21.46/bu. The USDA export inspections report this morning showed 4.44 MB was inspected for export last week. This is up 27% compared to the previous week. This afternoon, USDA reported that 57% of the bean crop is now in the ground. That lags the 74% average for this date, and 93% a year ago.

Jul 13 Soybeans closed at $15.32 1/2, up 22 1/2 cents,
Aug 13 Soybeans closed at $14.58 1/4, up 20 1/2 cents,
Sep 13 Soybeans closed at $13.67, up 19 3/4 cents,
Nov 13 Soybeans closed at $13.25 1/2, up 21 1/4 cents,
Jul 13 Soybean Meal closed at $454.40, up $7.20,
Jul 13 Soybean Oil closed at $48.66, up $0.28

Wheat futures closed roughly 3 to 6 cents higher in Chicago, with KC up ¼ to 2 cents and MPLS up a stronger 1 ¾ to 5 ¾ cents on expectations that planting is still far from completed. The USDA export inspections report this morning showed 16.799 MB was inspected for export last week. This is about 80% as much as the previous week, and about 77% of what was inspected during this same week in 2012. A Reuters poll put Russian wheat exports at 16 MMT, 2 MMT less than the current USDA estimate of 18MMT. US winter wheat is 73% headed, lagging the 80% average pace. US spring wheat is 80% planted, compared to 92% in an average year and being 100% done by this time in 2012. USDA shows 32% of the crop in good or excellent condition.

Jul 13 CBOT Wheat closed at $7.08 3/4, up 3 1/4 cents,
Jul 13 KCBT Wheat closed at $7.51 1/2, up 1/2 cent,
Jul 13 MGEX Wheat closed at $8.23, up 3 cents