PM Comments 6/18/2014
Wednesday, June 18, 2014, 3:06 PM
Submitted by: Joel Pudenz
A new soybean sale of 140k metric tons (just over 5 mln bu.) was announced this morning, boosting old crop soybean prices 11 cents higher at the close. This is a bit surprising when we consider the tight ending stocks estimates, negative weekly average sales needed to meet export sales projections, and South American price levels. New crop soybeans traded mixed and closed a penny higher. Weather remains friendly; new fundamental news is relatively sparse.
The corn market closed 3 cents higher in July, getting a boost from strong weekly ethanol production numbers and some spillover support from the wheat market. New crop corn closed even as the weather outlook looks good; however, some parts of Southern MN and Northwestern IA have received excess rainfall. The majority of Iowa and the Midwest remains in a favorable weather outlook.
July Corn up 3 cents, Dec Corn even
July Beans up 11 cents, Nov Beans up a penny
Have a great night!