Market Thoughts by Marc - June 13 '17
July corn 381 + 3 ¾ July Soybeans 932 ½ + 1 ¼ July Mpls wheat 628 + 27 ½
Sept corn 388 ½ + 3 ½ Sept soybeans 936 ¾ + 1 ¼ Sept Mpls wheat 634 ½ +28 ¼
Dec 17 corn 399 + 3 ½ Nov17 Soybeans 936 ¾ + 1 ¼ Dec 17 Mpls wheat 628 ¾ +23 ½
The market took one look at the dismal conditions ratings for Mpls wheat and as soon as the evening market opened prices gapped higher, and close significantly higher today.
The Hard Winter wheat harvest has started. So far the reports are of average yields but with lower than normal quality (low protein). The fact that Mpls wheat is the high protein wheat may also be supporting that market. Hummm- Blending?
Soybeans and corn also rallied, however beans gave back most of their gain by the end of the session.
Informa surprised the market when they estimated that corn acres could actually be slightly higher and soybean acres slightly lower than the March Planting Intentions report. Hummm- Now that’s a surprise!
The weather forecast continues to be warm, but with adequate rain across much of the Midwest.
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