Todays’s Grain Future

Corn futures closed 3 ¼ to 14 ¼ cents higher today, with September the strongest. The nearby July contract hit $6.74, the higher price since March 28. It did not, however, close the chart gap, which extends to $6.76. It was the highest spot month trade since May futures expired on May 14th. The drop in the US dollar to the lowest level since February 19 also made US corn more affordable in third party currency terms this week. Concerns about new crop planting progress (or lack thereof) are also supporting prices. The CFTC commitment of traders report showed managed money accounts decreased their net long position in corn by 7,432 contracts in the reporting week ending June 4.

Jul 13 Corn closed at $6.66 1/4, up 3 cents,
Sep 13 Corn closed at $5.91 1/2, up 13 1/2 cents,
Dec 13 Corn closed at $5.58 1/2, up 10 1/4 cents
Mar 14 Corn closed at $5.68 3/4, up 10 cents

Soybean futures posted double digit gains in all of the new crop months, while old crop July was down 1 ½ cents due to index fund “roll” sales. Soybeans on the Dalian exchange closed at the equivalent of $21.34/bu, and were down about 4 cents on the day. CNGOIC will release May soybean import data on Saturday. US meal export commitments are 102% of the USDA forecast for the year (typically about 90% at this time). US-made meal is seen as more desirable right now due to the higher protein levels than those seen in the Argentine new crop. Brazilian logistics have also made getting their product out of the country on time problematic. The CFTC commitment of traders report showed managed money accounts increased their net long position in soybeans by 14,453 contracts for the reporting week ending June 4.

Jul 13 Soybeans closed at $15.28 1/4, up 1 cent,
Aug 13 Soybeans closed at $14.56 1/4, up 6 1/2 cents,
Sep 13 Soybeans closed at $13.74, up 18 3/4 cents,
Nov 13 Soybeans closed at $13.30 1/4, up 24 1/2 cents,
Jul 13 Soybean Meal closed at $452.50, down $1.50,
Jul 13 Soybean Oil closed at $48.53, up $0.37

Wheat futures settled lower today, with Chicago and KC down mostly 1 to 3 cents, and July Minneapolis closing ½ cent lower. The window is rapidly closing for spring wheat planting, and the delay is supporting prices in Minneapolis. Most HRW and SRW areas appear to be 2 weeks behind on maturity. The US is getting some new crop export business in the slot before Europe and the Black Sea begin harvesting new crop. There is also strong interest in shipping new crop SRW into southern Plains feedlots to compete with scarce and expensive old crop corn. The CFTC commitment of traders report showed managed money accounts decreased their net short position in Chicago this week with a net increase of 18,568 long positions.

Jul 13 CBOT Wheat closed at $6.96 1/4, down 1 1/2 cents,
Jul 13 KCBT Wheat closed at $7.35, down 3 1/2 cents,
Jul 13 MGEX Wheat closed at $8.19 3/4, down 1/2 cent
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