Today’s Grain Future

Corn futures closed ¾ higher to 13 lower, with old crop July higher, but new crop months being pressured by forecasts for somewhat drier weather that will permit late planting to progress. The weekly EIA ethanol production report was positive to old crop demand, showing average daily production of 882,000 bpd. That is the heaviest average daily corn use since June 2012. Ethanol imports were zero for last week. Ethanol stocks did rise with the jump in production, to 16.4 million barrels. Traders are looking for USDA to show 500,000 to 800,000 MT of net export sales were done last week. That report will be issued on Thursday morning at 7:30 am CDT. The folks in Memphis estimated Brazilian corn production at 78.5 MMT, with Argentina at 25.5 MMT.

Jul 13 Corn closed at $6.60 3/4, up 1/4 cent,

Sep 13 Corn closed at $5.71, down 12 3/4 cents,

Dec 13 Corn closed at $5.42 1/4, down 10 3/4 cents

Mar 14 Corn closed at $5.52 3/4, down 10 3/4 cents

Soybean futures settled 2 ¾ higher to 15 ¼ lower, with old crop firm but new crop showing double digit losses. Meal futures were $4.20/ton higher. The Deutschebank index fund roll out of July futures continues today, with the UBS and Goldman rolls scheduled to begin on Friday. Trade estimates for soybean weekly export sales are in the 300,000-700,000 MT range, and somewhat constrained by the Memorial Day holiday during the reporting week. Meal bookings are thought to have been 75-175,000 MT, with bean oil sales of 30-40,000 MT. CNGOIC is estimating Chinese June soybean imports at a record large 7.25 MMT.

Jul 13 Soybeans closed at $15.32, up 3 1/4 cents,

Aug 13 Soybeans closed at $14.54 3/4, up 2 3/4 cents,

Sep 13 Soybeans closed at $13.54, down 6 1/4 cents,

Nov 13 Soybeans closed at $13.00, down 16 cents,

Jul 13 Soybean Meal closed at $455.90, up $3.40,

Jul 13 Soybean Oil closed at $48.30, down $0.29

Wheat futures were down 5 ¼ to 12 ¾ cents in Chicago today. KC was down 7 ½ to 13 ¾ cents while MPLS was 5 to 9 ¼ lower. New crop HRW harvest is underway in Texas and along the Oklahoma border, with mixed yield results but a lot of abandonment. Informa reduced projected US winter wheat production to 1.494 billion bushels. They went with 778 million bushels for HRW, which is still above the May USDA forecast. Weekly US export sales through May 30 are expected to have been 300-600,000 MT. Toepfer sold 60,000 MT of optional origin feed wheat to South Korea for F/H October delivery.

Jul 13 CBOT Wheat closed at $7.01 1/2, down 7 1/2 cents,

Jul 13 KCBT Wheat closed at $7.43 1/4, down 7 1/2 cents,

Jul 13 MGEX Wheat closed at $8.16, down 5 cents

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