Market Thoughts by Marc - June 6 '17
July corn 377 ¼ + 4 ¼ July Soybeans 923 ½ + 2 ¾ July Mpls wheat 598 ¾ + 9 ¾
Sept corn 385 ½ + 4 ¼ Sept soybeans 928 ¼ + 2 ¾ Sept Mpls wheat 600 ¼ + 8 ¾
Dec 17 corn 395 ¾ + 3 ¾ Nov17 Soybeans 931 ¾ + 3 ¾ Dec 17 Mpls wheat 600 + 9
A dry and hot weather forecast through the weekend in the Dakotas, along with the poorer than expected conditions for spring wheat had all the markets trading higher today.
Corn, beans and wheat all closed higher for the day, however soybeans gave back about ½ of their gain by the end of the session.
The USDA will release its June Supply and Demand report this Friday at 11:00 AM.
The early guess are – 2016-17 Carryout - 2017 – 18 Carryout
Corn Bil-bu 2.287 vs. 2.95 last month 2.085 vs. 2.110 last month
Soybeans mil-bu 433 vs. 435 last month 485 vs. 480 last month
Wheat bil-bu 1.161 vs. 1.59 last month .911 vs .914 last month
These numbers do not look very exciting, but the next USDA report will be on June 30Th when the USDA releases its acreages and grain stocks estimates.
At the beginning of the day it felt like the funds may have started to cover some shorts. Hummm - by the close I’m not so sure.
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