Morning Comments June 28, 2018
Thursday, June 28, 2018, 8:06 AM
Submitted by: Landus Cooperative
Corn: Down 1 to 2
Beans: Down 2 to 3
Grain futures are mostly a little softer this morning as the market braces for an avalanche of news about weather, government data and prospects for U.S. exports ahead of the Independence Day holiday next week. Trade issues continues to dominate outside markets.
U.S. ethanol production last week rose for the 3rd consecutive week to 315 million gallons/week, which reflects the highest weekly production rate in 26 weeks going back to mid-December 2017. The average trade estimate for tomorrow’s corn acreage report comes in at 88.562 million acres, up 536 million acres from the March estimate of 88.026 million acres. The average trade estimate for tomorrow’s June 1st stocks report is 5.268 million bushels.
The average trade estimate for soybean acres is 89.691 million acres, up 709 million acres from the March estimate of 88.982 million acres.
The September dollar index is trading lower this morning at 94.84. This morning the August crude oil contract is trading higher again this morning at just below the $73.00 level.
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