AM Comments 06/25/15
Thursday, June 25, 2015, 8:06 AM
Submitted by: Dustin Weiner
The weekly export sales report was out at 7:30 this morning and it showed corn sales on the low end of expectations while soybean sales were in line with trade estimates. Next week (Tuesday, June 30th) is a big report day for our markets with both a quarterly stocks report and a planted acreage report hitting at 11am. The average trade estimate for acres has corn pegged at just over 89 million acres with soybeans coming in at just over 85 million acres. In standard fashion, the trade is already discussing how they think whatever the USDA says Tuesday will be WRONG, mainly in soybeans as there are unplanted bean acres that just received another shot of rain last night and likely will go into prevent plant if they weren’t heading that way already. I wouldn’t be surprised if we see another acreage report later in the summer reflecting those changes.
Other than that – the rain that hit those unplanted bean acres has the soybean futures market popping higher today and corn is following suit. The good news is that drier weather is scheduled to hit the Midwest next week which will be welcomed with open arms.
Corn 2 to 3 cents higher
Soybeans 6 to 9 cents higher
Have a great day!