Today grain future

Corn futures closed 8 ¾ to 23 ¾ lower today. July futures were double digits higher until around 11:30 am and then collapsed on persistent sell pressure as a couple big longs got out of the contract. Processor basis was also weak in some areas. New crop futures were still being pressured by the larger than expected 2013 acreage reported by USDA on Friday, along with overall benign crop weather. Traders are expecting USDA to hike crop condition ratings 2-3% points this afternoon. USDA showed a 2% improvement from 65% to 67% good/excellent. The Brugler500 index rose 4 points. USDA reported weekly export inspections last week totaled 14.818 million bushels, up from 5.8 million the previous week. Cumulative shipments YTD are 581.5 million bushels.

Jul 13 Corn closed at $6.55 1/2, down 23 3/4 cents,
Sep 13 Corn closed at $5.31 1/2, down 15 3/4 cents,
Dec 13 Corn closed at $5.01 1/4, down 9 3/4 cents
Mar 14 Corn closed at $5.13, down 8 3/4 cents

Soybean futures saw the old crop/new crop spreads working. July and August were higher on tight old crop supplies, while November and the other new crop contracts were lower on ideas of additional double crop acres. Weekly export inspections through 6/27/13 totaled 4.518 million bushels. That was back to early June activity levels. Since September 1, shipments have totaled 1.286 billion bushels. After the close, USDA showed 96% of the US crop planted, still lagging the 98% average for this date. About 2.7 million acres remain to be planted. Emergence is 91% vs. 94% average. Condition ratings mimicked the corn, with an extra 2% moving from fair into good/ex. The Brugler500 index rose 3 points.

Jul 13 Soybeans closed at $15.70 1/2, up 6 cents,
Aug 13 Soybeans closed at $14.36 1/4, up 5 1/4 cents,
Sep 13 Soybeans closed at $12.96 1/4, down 7 cents,
Nov 13 Soybeans closed at $12.43 1/4, down 8 3/4 cents,
Jul 13 Soybean Meal closed at $484.80, down $5.50,
Jul 13 Soybean Oil closed at $46.85, up $0.43

Wheat futures were mixed in Chicago, down 2 ¾ to up 3 cents. There were larger than expected weekly US export inspections for last week at 26.42 million bushels. That was above both last week (14.7 million) and year ago (22.7 million). The total since June 1 is now 82.98 million bushels compared to 85.6 million a year ago. The IGC hiked projected world production 1 MMT to 683 MMT, but expects consumption to increase as well. Winter wheat harvest is expanding rapidly, with 43% now completed. That still lags the 5 year average of 52%. Condition ratings improved, with the Brugler500 index up 4 points at 276. Spring wheat planting is still 93% done vs. 99% average for this date. Condition ratings dropped to 68% good/ex from 70% last week.

Jul 13 CBOT Wheat closed at $6.45 3/4, down 2 3/4 cents,
Jul 13 KCBT Wheat closed at $6.76 3/4, up 1/2 cent,
Jul 13 MGEX Wheat closed at $7.78 1/2, down 6 1/2 cents
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