Morning Comments June 29, 2018
Friday, June 29, 2018, 8:06 AM
Submitted by: Landus Cooperative
Corn: Up 2 to 3
Beans: Up 1
This morning at 11:00 am the USDA will release their U.S. June 1st planted acreage and quarterly stocks reports. Average trade estimate for corn acres is 88.562. June corn stocks estimate is 5.268. Average trade estimate for soybean acres is 89.691 and soybean stock estimate is 1.225.
The USDA reported old crop, 2017/18, corn sales were 850,000 MT (33.5 mil bu), which was right in the middle of market expectations of 600,000 MT to 1 MMT and rebounded from the previous week’s very poor sales of 6.4 million bushels. The USDA’s weekly export sales report out yesterday morning showed old crop, 2017/18, soybean sales last week of 359,000 MT (13.2 mil bu), which was at the lower end of market expectations of 300-600,000 MT, but were up slightly from the previous week’s 11.1 mil bu.
The September dollar index is trading lower this morning at 94.59 and the August crude oil contract is trading steady at just below the $73.50 level.