Morning Comments June 29, 2017
Thursday, June 29, 2017, 8:06 AM
Submitted by: Landus Cooperative
Corn +2 to +4
Beans +5 to +7
The corn market closed slightly lower yesterday, primarily because of weather models trending wetter/cooler. The primary reason for today’s bump is strength in the wheat market. We are still seeing uncertainty as to what the weather will do across the Corn Belt the first part of July. On a positive note, U.S. ethanol production came in at 298 million gallons, up 7 million from last week. The weekly USDA export sales report is out today, and trade is looking for between 500-600,000 MT in sales – well above what is needed on a weekly basis to meet USDA’s projections.
Soybeans managed to keep 2-3 cents yesterday at the close, with funds being net buyers of 5,000 contracts of beans, 2,500 contracts of meal and 3,000 contracts of oil. Today and tomorrow morning will be about positioning ahead of the report and the holiday weekend. Trade is looking for bean sales of 250,000 to 350,000 MT in today’s USDA export sales report.
Remember – USDA acreage report is out tomorrow at 11:00 a.m.
Make sure your offers are in before the report, as you may not be able to move fast enough after it is released.