Corn futures settled 9 to 21 cents higher today. Weekly EIA ethanol production dropped to an average of 873,000 bpd last week, down 11,000 bpd. Ethanol stocks also jumped to 16.5 million barrels, indicating that weekly production + imports was larger than use. A Memphis based analytical firm also estimated US acreage at 95.262 million, larger than some of the more bullish trade guesses but down more than 2 million acres from the March Intentions report and smaller than the previous estimate from that firm. Traders are looking for USDA to report net weekly export sales of 200-450,000 MT in the Weekly Export Sales report on Thursday morning.
|Jul 13 Corn closed at $6.82 1/4, up 9 cents,|
|Sep 13 Corn closed at $6.10, up 21 cents,|
|Dec 13 Corn closed at $5.70 1/2, up 20 cents|
|Mar 14 Corn closed at $5.81 1/4, up 20 cents|
Soybean prices posted double digit gains on inflation based buying tied to the Fed decision to leave its QE3 program in place. About 4.7 million acres remained to be planted in the WCB as of Sunday. There is active planting underway, but some of those acres are expected to end up in the Prevented Planting category. A widely followed private analysis firm issued an updated soybean planted acreage estimate this morning, projecting 77.756 million acres will be planted to soybeans. That would be 630 thousand acres larger than the USDA reported March intentions but is also smaller than the previous estimate from that firm. Trade expectations for last week’s US export sales appear to be in the 350-600,000 MT range, with most of that in the new crop slot. Ideas for soybean meal are 100-200,000 MT, with soy oil sales at 5-15,000 MT.
|Jul 13 Soybeans closed at $15.23, up 12 1/4 cents,|
|Aug 13 Soybeans closed at $14.47, up 11 1/2 cents,|
|Sep 13 Soybeans closed at $13.52 3/4, up 15 1/2 cents,|
|Nov 13 Soybeans closed at $13.10 3/4, up 21 cents,|
|Jul 13 Soybean Meal closed at $453.60, up $1.80,|
|Jul 13 Soybean Oil closed at $49.35, up $0.54|
Wheat futures posted double digit gains today at all three exchanges. Colorado officials indicated an unusually high abandonment rate is likely on the badly drought stressed crop in that state. Japan is tendering to buy 65,000 MTs of US wheat in the regular MOA tender on Thursday. Taiwan is tendering for a mix of white, DNS and HRW for shipment after July 22. It has specified non-Oregon origin for the white wheat. A private estimate for spring wheat planting came in at a low 11.79 million acres, with another 1.75 million of durum. Trade expectations for tomorrows weekly Export Sales report are in the 300-650,000 MT range.
|Jul 13 CBOT Wheat closed at $7.07, up 19 1/2 cents,|
|Jul 13 KCBT Wheat closed at $7.39 3/4, up 20 1/2 cents,|
|Jul 13 MGEX Wheat closed at $8.13 1/2, up 14 1/2 cents|