Corn futures settled 5 ½ to 7 cents higher today. Shorts are still trying to wriggle out of the July before expiration. The USDA cut projected old crop stocks 40 million bushels, confirming the tightness. World ending stocks were tightened for both old crop and new crop. Trade estimates for weekly export sales were only 300-600,000 MT. Early this morning, USDA put the total for last week at 1,049,800 MT, showing that the domestic cash price got low enough to renew export interest.
|Jul 13 Corn closed at $7.16 3/4, up 7 cents,|
|Sep 13 Corn closed at $5.60 3/4, up 7 cents,|
|Dec 13 Corn closed at $5.27, up 5 1/2 cents|
|Mar 14 Corn closed at $5.39 1/4, up 5 3/4 cents|
Soybeans rallied to settle 3 ½ to 9 ½ higher. USDA left US old crop ending stocks unchanged from the June report, but increased ending stocks for the 2013/14 marketing year by 30 million bushels (mbu). The new crop harvested acreage estimate grew 700,000 acres from last month as indicated in the June 28 report, with no changes on the usage side. Global soybean ending stocks projections were larger for both the old crop and new crop balance sheets. The Chinese production estimate was .5 MMT higher this month, and imports were left unchanged. The Argentine production estimate shrank 1MMT from the June report. USDA weekly export sales totaled only 339,900 MT for both marketing years, with a net reduction for 2012/13.
|Jul 13 Soybeans closed at $16.01 1/4, up 9 1/2 cents,|
|Aug 13 Soybeans closed at $14.72, up 7 1/4 cents,|
|Sep 13 Soybeans closed at $13.32 1/2, up 3 1/2 cents,|
|Nov 13 Soybeans closed at $12.90 3/4, up 6 cents,|
|Jul 13 Soybean Meal closed at $525.70, up $5.20,|
|Jul 13 Soybean Oil closed at $46.49, down $0.49|
Chicago wheat futures closed higher, but the larger than expected USDA estimates for HRW and Spring Wheat production put the other two markets in negative territory for the day. US wheat ending stocks for 2013/14 were cut 83 mbu, more than 12.5% from the previous report. That was accomplished via a 100 million bushel hike in expected exports. Global wheat ending stocks for the 2012/13 crop were cut 5.37 MMT, and the new crop estimate subsequently shrank 8.87 MMT, due in large part to a substantial increase in Chinese use of feed wheat. For the 2013/14 marketing year, HRW ending stocks were put at 209 mbu, HRS ending stocks are estimated to be 181 mbu, and the total ending stocks figure is 576 mbu. That is the smallest since 2008. USDA also reported weekly export sales last week were 1,473,300 MT, almost 40% larger than trade expectations going into the report.
|Jul 13 CBOT Wheat closed at $6.79 1/4, up 7 1/4 cents,|
|Jul 13 KCBT Wheat closed at $7.11 1/2, down 1/2 cent,|
|Jul 13 MGEX Wheat closed at $7.96 1/2, down 1 cent|