Corn futures closed sharply lower on the day, registering losses between 18-23 cents. The trade had a bearish reaction to the Quarterly Grain Stocks and Planted Acres reports released earlier this morning. Average trade estimate for corn acreage from USDA this morning was 91.709 million acres according to a Reuters survey, with USDA pegging the actual figure at 91.60 MA. That wasn’t a big enough cut to be bullish. The average stocks estimate was 3.723 billion bushels, with actual USDA figure coming in at 3.854 bbu. Weekly export inspections last week were 872,960 MT, off from 988,080 MMT the prior week. YTD shipments are now 37,842,772 MMT, which compares to 14,774,469 MMT at this time last year. Crop conditions increased this week, with the Brugler500 index keyed to USDA ratings rising to 389. It is also above last years 373 for this date.
Jul 14 Corn closed at $4.24 1/4, down 18 3/4 cents,
Sep 14 Corn closed at $4.18 3/4, down 23 1/2 cents,
Dec 14 Corn closed at $4.25 1/4, down 22 cents
Mar 15 Corn closed at $4.36 1/4, down 21 3/4 cents
Soybean futures closed sharply lower on the day, registering losses between 31 and 72 cents. The bearish reaction is being attributed to the Quarterly Grains Stocks and Acreage figures released earlier this morning. Trade estimates for the USDA Planted Acreage report called for 82.2 ma of soybeans, with USDA pegging the actual figure at a record high 84.839 MA. The average guess for the June 1 stocks figure at 382 million bushels, with the actual figure coming in at 405 mbu. Weekly soybean export inspections were reported at 72,804 MT, down from 61,919 MT last week. The Brugler500 crop condition index increased 1 point from last week to 381. Last year at this time the figure stood at 370. Soybeans emerged came in at 94%, up from the 90% figure last week.
|Jul 14 Soybeans closed at $14.00 1/2, down 31 1/2 cents,|
|Aug 14 Soybeans closed at $13.29 3/4, down 48 1/4 cents,|
|Sep 14 Soybeans closed at $11.93 3/4, down 72 1/4 cents,|
|Nov 14 Soybeans closed at $11.57 1/4, down 70 3/4 cents,|
|Jul 14 Soybean Meal closed at $458.30, down $11.50,|
|Jul 14 Soybean Oil closed at $38.85, down $1.13|
Wheat futures closed 15 to 20 cents lower on the day. The wheat trade also had a bearish reaction to the USDA report earlier this morning, with the July 14 CBOT contract displaying the most weakness and closing at $5.64. Trade estimates for the USDA Planted Acreage report called for 55.77 ma , with the actual figure being reported at 56.47 MA. Spring wheat acreage was up 700,000 from the March intentions, with most having expected a drop due to switches to soybeans. That didn’t happen. The average guess for the June 1 stocks figure was for 595 million bushels, with the actual figure coming in at 590 mbu. The overall winter wheat crop condition rating was again UNCH, with the Brugler500 index at 269. The HRW subindex improved by 2 points TO 247, while the SRW index was down 2 from the previous week to 363. USDA reported 43% of the winter wheat crop has been harvested, behind the 48% average for this date. Major producer Kansas is lagging behind at 40% vs. the usual 66% for this time
|Jul 14 CBOT Wheat closed at $5.64 3/4, down 20 1/2 cents,|
|Jul 14 KCBT Wheat closed at $7.10 1/2, down 15 1/2 cents,|
|Jul 14 MGEX Wheat closed at $6.67 1/4, down 15 3/4 cents|