Corn futures closed 3 to 5 cents lower on the day. The bears are in control thus far, with the Dec 14 contract posting a new life of contract low close at $4.16. According to EIA data, ethanol production averaged 953,000 barrels per day, which was up 15,000 b/d from the week before. That reflects corn consumption of about 104 million bushels for the week. We are closing in on the record weekly ethanol production of 963,000 bpd, set in December 2011. Stocks of ethanol were unchanged at 18.2 million barrels. There were zero imports. There were 5 deliveries against the July14 contract, bringing the MTD total to 11 lots. The DTN National Corn Index was last reported down $0.03 from the previous day at $3.98. Trade ideas for USDA weekly export sales to be reported Thursday morning are in the 500-900,000 MT range for combined old and new crop bookings.
|Jul 14 Corn closed at $4.18 1/2, down 4 1/4 cents,|
|Sep 14 Corn closed at $4.12 1/4, down 3 3/4 cents,|
|Dec 14 Corn closed at $4.18, down 4 3/4 cents|
|Mar 15 Corn closed at $4.29 1/4, down 5 cents|
Soybean futures closed 3 to 13 cents lower on the day. The Aug 14 contract displayed the most weakness and was down over a dime. China was said to have sold 106,000 MT out of 355,000 MT auctioned out of their reserves this week. There are some concerns about a buildup of port stocks in China. They are reportedly back up to 7 MMT, which can limit the short term need for imports. There were 3 deliveries against the July14 contract, bringing the MTD total to 24 lots. The DTN National Soybean Index was last reported down $0.04 from the previous day at $13.57. Trade estimates for old and new crop export sales last week are in the 300-650,000 MT range, with nearly all of those expected to be new crop. The USDA weekly report is set for 7:30 am CDT.
|Jul 14 Soybeans closed at $13.92 1/2, down 7 1/2 cents,|
|Aug 14 Soybeans closed at $13.14 3/4, down 13 cents,|
|Sep 14 Soybeans closed at $11.80 1/4, down 3 1/2 cents,|
|Nov 14 Soybeans closed at $11.41 1/2, down 6 cents,|
|Jul 14 Soybean Meal closed at $452.30, down $3.80,|
|Jul 14 Soybean Oil closed at $38.47, down $0.40|
Wheat futures closed 2 cents higher to 17 cents lower. The July 14 KCBT contract displayed the most weakness and was down 17 cents at $6.83. Early reports from the Kansas Grain & Feed Association wheat harvest update are reporting a wide range of yields between 35-75 bpa in the Nemaha County Kansas area. Other reports in Republic County are reporting yields between 16-45 bpa. There were 51 deliveries against the July14 CBOT contract, bringing the MTD total to 206 lots. Paris wheat milling futures for Nov 14 delivery were unch at 184.25 today. Traders have modest expectations for USDA weekly export sales to be reported in the morning. Trade guesses are running 300-450,000 MT.
|Jul 14 CBOT Wheat closed at $5.61 3/4, up 2 cents,|
|Jul 14 KCBT Wheat closed at $6.83, down 17 cents,|
|Jul 14 MGEX Wheat closed at $6.51 3/4, down 5 1/2 cents|