PM Comments 6/26/2014
Thursday, June 26, 2014, 4:06 PM
Submitted by: Joel Pudenz
Soybean futures traded higher through the close on support from strong export numbers this morning. Over 11 mln. bu. of old crop beans were reported sold, 6 mln. stronger than the top end of estimates; this puts us at 70 mln. bushels more sold than USDA estimates. This adds more complexity to the question of how many U.S. beans are actually left, and makes Monday’s stocks report all the more important. Funds were buyers of beans, oil, and meal today, helping old crop prices close 20 cents higher and new crop close 15 cents higher.
It was reasonably quiet today in the corn market. Some short covering ahead of Monday’s report helped prop corn up a steady 3 cents; this morning’s export sales were within trade guesses. Acreage in Monday’s report is not expected to deviate from previous reports and weather continues to look favorable. July corn closed 2 cents higher, Dec corn 3 cents higher.
Have a good evening!