Today’s Grain Future

Corn futures were 5 ¾ lower to 5 cents higher today, with nearby July in the black on bull spreading. Solid ethanol demand for cash corn and indications that imports have been limited both supported the old crop. Commerce data shows US corn imports during April were 5.66 million bushels, a slower pace than that needed to meet the USDA projection for the year. 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 condition rating for this date in 10 years. New crop futures did see some selling tied to the 91% planting progress and ideas that another 2 million acres or more would be planted this week.

Jul 13 Corn closed at $6.60 1/2, up 4 3/4 cents,
Sep 13 Corn closed at $5.83 3/4, down 5 cents,
Dec 13 Corn closed at $5.53, down 7 cents
Mar 14 Corn closed at $5.63 1/2, down 6 3/4 cents

Soybean futures rallied late in the day to settle 3 to 9 ¾ lower. In most cases the settlement was 8 to 12 cents above the low of the day. About 21 million acres of intended soybean planting has yet to be done, of which 13 million would have been done by now if we were at the average pace. Brazil reported May soybean export sales of 7.95 MMT, which was up from 7.2 MMT last year. Soybean meal exports were smaller than year ago, however. Chinese imports are expected to be record large in May and June, but may still be a little shy of the pace being projected by USDA.

Jul 13 Soybeans closed at $15.28 3/4, down 3 3/4 cents,
Aug 13 Soybeans closed at $14.52, down 6 1/4 cents,
Sep 13 Soybeans closed at $13.60 1/4, down 6 3/4 cents,
Nov 13 Soybeans closed at $13.16, down 9 1/2 cents,
Jul 13 Soybean Meal closed at $452.50, down $1.90,
Jul 13 Soybean Oil closed at $48.59, down $0.07

Wheat futures were mixed at midsession and ended in about the same place. Chicago settled 1 ½ lower to 3 ½ higher. US spring wheat is 80% planted, compared to 92% in an average year and being 100% done by this time in 2012. It is getting late to plant spring wheat, but the market appears confident about supplies from other countries. The Commerce Department indicated that US wheat imports for the month of April were 6.58 million bushels (converted from kilograms). Japan is tendering for 163,605 MT of wheat in the weekly MOA tender, including 61,140 MT of US HRW and spring wheat, but no US white wheat. They are awaiting a USDA explanation about how that modified wheat got there 7 years after the Monsanto trial was over. Japan is still buying Australian standard white, and indicates that mills have 3-4 vessels worth of US white wheat in store. They can take their time.

Jul 13 CBOT Wheat closed at $7.09, up 1/4 cent,
Jul 13 KCBT Wheat closed at $7.50 3/4, down 3/4 cent,
Jul 13 MGEX Wheat closed at $8.21, down 2 cents