Today grain future

Corn futures finished the week with a gain, but closed on a sharply lower note today by declining 15 to 17 cents. Profit taking ahead of the weekend and talk of improved (i.e. wetter) weather forecasts into later next week provided a negative influence. The latest Commitment of Traders data for the reporting period between July 2- July 9 showed managed money increased their short position by 35,824 contracts bringing their total net short position to 55,767 contracts. USDA announced the FSA deadline for reporting acreage would be extended from July 15th to Aug 2nd. This morning, private exporters reported to the USDA export sales of 960,000 metric tons of new crop corn, a huge sale. We got a classic “buy the rumor, sell the fact” reaction.

Jul 13 Corn closed at $7.01 1/2, down 15 1/4 cents,
Sep 13 Corn closed at $5.45 1/2, down 15 1/4 cents,
Dec 13 Corn closed at $5.09 1/4, down 17 3/4 cents
Mar 14 Corn closed at $5.21 1/2, down 17 3/4 cents

Soybeans finished the day 38 to 43 lower. The July contract expired, and some of the very patient longs were cashing out ahead of expiration. The latest Commitment of Traders data for the reporting period July 2- July 9 showed managed money specs increased their long position by 1,376 contracts bringing their total net long position to 112,188. New crop started the week with November at $12.28 ¼. It was up 60 cents for the week this morning before the profit taking kicked in. It still posted a net gain for the week.

Jul 13 Soybeans closed at $15.63 1/4, down 38 cents,
Aug 13 Soybeans closed at $14.29, down 43 cents,
Sep 13 Soybeans closed at $12.98 1/4, down 34 1/4 cents,
Nov 13 Soybeans closed at $12.57 1/4, down 33 1/2 cents,
Jul 13 Soybean Meal closed at $535.50, up $9.80,
Jul 13 Soybean Oil closed at $46.09, down $0.40

Wheat futures closed mixed, with CBOT Wheat declining 3 ¾ while KC Wheat finishing a ¼ higher. The market was unable to find follow through after the bullish USDA numbers from Thursday. The Commitment of Traders Disag data released tonight for the reporting period between July 2- July 9 showed managed money decreased their short position by 2,308 contracts but still hold a net short position of 47,844 contracts. Global wheat ending stocks for the 2012/13 crop were cut 5.37 MMT, and the new crop estimate was down 8.87 MMT from last month. For the 2013/14 marketing year, US 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.

Jul 13 CBOT Wheat closed at $6.75 1/2, down 3 3/4 cents,
Jul 13 KCBT Wheat closed at $7.12 3/4, up 1 1/4 cents,
Jul 13 MGEX Wheat closed at $7.96 1/4, down 1/4 cent
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