Today Grain Future

Corn futures were modestly lower, except for the July contract. Tight deliverable stocks are supporting July futures ahead of first notice day. Weekly US ethanol production averaged 885,000 bpd last week, matching the highest run rate of the year. Imports were 38,000 barrels, down from the previous week. Ethanol stocks also dropped to 16.3 million barrels. Trade estimates for weekly export sales through June 20 are in the 200-500,000 MT range. The average pre-report guess for 2013 US planted, or intended to be planted, acreage is 95.313 million acres (ma) and the range stretches from 94.2 ma to 97.2 ma. The report will be issued mid-morning on Friday.

Jul 13 Corn closed at $6.64 1/2, up 7 3/4 cents,
Sep 13 Corn closed at $5.74, down 2 1/2 cents,
Dec 13 Corn closed at $5.44, down 1/2 cent
Mar 14 Corn closed at $5.54 1/4, down 3/4 cent

Soybean futures settled lower, excluding the July contract. July posted the highest closing price since June 12th yesterday and extended the gain today. The average pre-report trade guess for planted, or intended to be planted, acreage is 77.811 million acres (ma) and the estimates range from 77.1 ma to 79.24 ma. CNGOIC is projecting record Chinese imports of 8.3 MMT in June. The average trade estimate for US June 1 soybean stocks is 441 million bushels based on a survey of only 16 analysts and brokers. Trade estimates for the Thursday morning USDA weekly Export Sales report are for soybeans at 100-400,000 MT, soybean meal at 50-150,000 MT and soy oil at 0 to 10,000 MT.

Jul 13 Soybeans closed at $15.34 1/4, up 9 cents,
Aug 13 Soybeans closed at $14.25 1/4, down 4 cents,
Sep 13 Soybeans closed at $13.17, down 6 1/2 cents,
Nov 13 Soybeans closed at $12.76, down 2 1/2 cents,
Jul 13 Soybean Meal closed at $463.30, up $4.50,
Jul 13 Soybean Oil closed at $46.63, down $0.51

Wheat futures ended the day in bear territory. Seasonal hedge pressure has been a constant all week, and is not being met by appreciable spec fund buying. Trade ideas for US export sales last week are in the 300-600,000 MT range. USDA will release that weekly report at 7:30 am CDT in the morning. According to a Dow Jones article, Argentina has halted wheat exports for the remainder of the marketing year despite shipments not having met the announced quota.

Jul 13 CBOT Wheat closed at $6.67, down 8 3/4 cents,
Jul 13 KCBT Wheat closed at $6.94 1/4, down 10 cents,
Jul 13 MGEX Wheat closed at $7.99, down 10 1/4 cents
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