Corn futures closed moderately lower losing 5 to 9 cents across the board. After the close, USDA showed 16% of the US crop is silking, well behind the 35% average for this date. Condition ratings in the top category were unchanged from last week, with 17% of the crop reported in Excellent condition. However, the Brugler500 index declined 4 points from 375 to 371. Earlier this morning, private exporters reported to the USDA export sales of 120,000 MT to an unknown destination for delivery during the 2013/14 marketing year. Old crop weekly USDA Export Inspections report for the reporting period ending July 11th came in at 16.280 (mbu) vs. 8.20 (mbu) from the previous week. Market year to date figures are now at 606.117 (mbu) vs. 1,368,349 (mbu) from the previous year. The USDA forecast for the full year is 700 million bushels.
|Sep 13 Corn closed at $5.36 1/4, down 9 1/4 cents,|
|Dec 13 Corn closed at $5.03 3/4, down 5 1/2 cents,|
|Mar 14 Corn closed at $5.15 3/4, down 5 3/4 cents|
|May 14 Corn closed at $5.23 1/2, down 5 1/2 cents|
Soybeans ended the day higher, rising 3 to 23 cents with the August starting the week with impressive gains. Record high cash basis prices helped provide a bullish influence. NOPA crush figures were considered supportive, coming in at 119.05 (mbu) compared to estimates of 115 (mbu). This was down from 122.06 (mbu) in May. Soyoil stocks were reported at 2,300 mil lbs. USDA reported that 26% of the US bean crop has reached the flowering (blooming) stage. That compares to 40% average for this date. Crop conditions were a little worse, although 13% was reported in excellent condition up from 12% the prior week. The Brugler500 index declined 2 points from 370 to 368. Weekly USDA Export Inspections report for the week reporting period ending July 11th came in at 3.670 (mbu) vs. 2.481 (mbu) from the previous week. Current market year to date figures are now at 1,292,807 (mbu) vs. 1,250,963 (mbu) from the previous year.
|Aug 13 Soybeans closed at $14.52 1/2, up 23 1/2 cents,|
|Sep 13 Soybeans closed at $13.12, up 13 3/4 cents,|
|Nov 13 Soybeans closed at $12.62, up 4 3/4 cents,|
|Jan 14 Soybeans closed at $12.66, up 4 1/4 cents,|
|Aug 13 Soybean Meal closed at $451.20, up $8.30,|
|Aug 13 Soybean Oil closed at $45.81, down $0.41|
Wheat futures closed down 7 to 11 cents on the day. Sharp declines in corn prices were helping to provide a bearish a influence, USDA showed 67% of the winter wheat crop is harvested, lagging the 71% average. Ohio is only 28% harvested vs. the usual 82%. Spring wheat is 71% headed vs. the 73% average for this date. Spring wheat condition ratings dropped to 70% good/ex vs. 72% last week. Weekly USDA Export Inspections report for the week reporting period ending July 11th came in at 24.45 (mbu) vs. 28.837 (mbu) from the previous week. Year to date shipments total 136.6 million bushels vs. 116.2 million last year at this time.
|Sep 13 CBOT Wheat closed at $6.69 3/4, down 11 1/4 cents,|
|Sep 13 KCBT Wheat closed at $7.01 1/2, down 7 cents,|
|Sep 13 MGEX Wheat closed at $7.54 3/4, down 11 3/4 cents|