Corn futures closed 5 ¾ to 9 ¼ cents higher today. Private exporters reported to the USDA this morning export sales of 120,000 MT to Mexico for delivery during the 2013/14 marketing year. Weekly export inspections for the week ending July 4 were 8.205 million bushels (mbu) down from 14.908 mbu reported the previous week. That information was trumped by warmer and drier weather in the WCB, a weaker dollar, and early short covering ahead of the Thursday USDA reports. After the close, USDA showed 6% of the US crop is silking, well behind the 20% average for this date. Condition ratings improved slightly, with 1% more of the crop in Excellent condition compared to last week. The Brugler500 index rose to 375 from 373 last week.
|Jul 13 Corn closed at $6.91 3/4, up 7 cents,|
|Sep 13 Corn closed at $5.33 1/4, up 7 1/2 cents,|
|Dec 13 Corn closed at $5.00 1/2, up 9 1/4 cents|
|Mar 14 Corn closed at $5.12 1/4, up 8 3/4 cents|
Soybeans posted double digit gains across the board. US Export inspections were only 2.465 million bushels(mbu) for the week ending July 4, compared to 19.185 mbu for that week in 2012. However, private exporters reported export sales of 120,000 MT to China for delivery during the 2013/14 marketing year. Another private export sale of 135,000 MT for 2013/14 was reported for an unknown destination under the USDA daily reporting system. After the close, USDA reported that 10% of the US bean crop has reached the flowering (blooming) stage. That compares to 24% average for this date. Crop conditions were UNCH from last week.
|Jul 13 Soybeans closed at $16.09 1/4, up 21 1/4 cents,|
|Aug 13 Soybeans closed at $14.55 1/2, up 23 1/2 cents,|
|Sep 13 Soybeans closed at $13.00 1/4, up 24 cents,|
|Nov 13 Soybeans closed at $12.52 1/4, up 24 cents,|
|Jul 13 Soybean Meal closed at $511.10, up $22.00,|
|Jul 13 Soybean Oil closed at $47.01, down $0.22|
Wheat futures were higher in Chicago and KC, but lower in MPLS today. This morning, a big export sale of 840,000 metric tonnes of SRW to China was announced under the daily reporting system. Wheat inspected for export during the week ending July 4 totaled 25.589 mbu, nearly 69% higher than the same week in 2012. A month into the marketing year, export inspections are running approximately 7.6% ahead of the pace last year. The US Ag Attache estimated the 2013 Chinese wheat crop to be 3 MMT below the June USDA estimate, and estimated Chinese wheat imports will be 14.2% higher than the June WASDE report. After the close, USDA showed 57% of the winter wheat crop is harvested, lagging the 64% average. Ohio is only 9% harvested vs. the usual 48%. The winter wheat condition ratings were UNCH from last week. Spring wheat is 45% headed vs. the 53% average for this date. Condition ratings improved to 72% good/ex vs. 68% last week.
|Jul 13 CBOT Wheat closed at $6.60, up 4 cents,|
|Jul 13 KCBT Wheat closed at $6.91 1/4, up 14 3/4 cents,|
|Jul 13 MGEX Wheat closed at $7.73, up 11 3/4 cents|