Weekly Market Summary June 29, 2018
Friday, June 29, 2018, 3:06 PM
Submitted by: Landus Cooperative
Corn up 5.25c
Soybeans down 3.25c
Wheat up 17.75c
We had a bit of a mixed bag in the market today with corn closing up a nickel and soybeans closing down three cents. The highly anticipated June 29th USDA Stocks and Acreage report was “ho-hum” at best, coming and going without much market reaction to write home about. Planted corn acres were reported at 89.128 mln acres, 1.1 mln higher than the March report and middle of the range of estimates. Planted soybean acres were reported at 89.557 mln acres, 575,000 acres higher than the March report and very near the average of trade estimates. It felt as though the market was trading higher acres vs. the March report which may explain the lack of reaction to the report.
With the stocks and acreage report in the rear view mirror, we turn our focus to weather and the ever-important window of pollination. Forecasts are turning warmer (today is no exception) and that may put the trade on heightened-notice in for the next few weeks. While the heat may not be welcomed with open arms, some dryer weather certainly will be as the Western Corn Belt is plenty saturated today.
Rhetoric from the Chinese and the Trump Administration has been quieter the last few days after escalating over the weekend and earlier this week. Tariffs are set to be imposed from both directions, and soybean prices have certainly fallen victim (China is by far and away the U.S.’s largest soybean customer).
All-in-all, the week ended pretty quietly. The June Stocks and Acreage Report is notorious for producing some wild price swings. That wasn’t the case today.
Have a great weekend!