United Farmers Cooperative

People . . . . Pride . . . . Purpose Since 1915

Tap For Menu

Market Thoughts by Marc - June 8 '17


 

July corn 385 ¾ + 1                 July Soybeans 938 + 7 ¼            July Mpls wheat 604 ¾ + 8 ¾        
Sept corn 393 ½ + 1 ¼             Sept soybeans 941 + 8              Sept Mpls wheat 608 ½ + 9 ½   
Dec 17 corn 403 ¾ + 1 ¼         Nov17   Soybeans 943 ¾ + 8     Dec 17 Mpls wheat 606 ¼ + 6 ¼  

 

Corn, beans and wheat all traded to new recent highs today. However by the end of the day corn had given back most of the rally and soybeans and wheat held on to about ½ of it.

 

There were estimates that the funds bought about 50,000 contracts of corn over the last couple of days. We will find out tomorrow what the funds are holding, at least as of last Tuesday.  They are now “underwater” on the short positions they added last week. 

 

The market started the day trading a hot and dry weather forecast. However one of the forecasting models started to show a cooler and wetter outlook next week and prices started to slide. 

 

USDA Export sales were below expectations for corn and soybeans. Wheat is starting a new marketing year and sales were within the range of guesses. 

 

China appears to have imported a record amount of soybeans in May. This continues to puzzle the market with Chinese soybean crush margins at a multi-year lows.  

 

USDA will release its June Supply And Demand /WASDE report tomorrow at 11:00 AM.

 

2016-17 carry out 
                                      Average Guess                    Last Month             Last Year  
Corn Bil-bu                    2.331                                     2.32                           1.737 
Soybeans mil-bu            441                                      445                              197
Wheat     bil-bu              1.163                                    1.159                         976

 

2017-18 carry out 
Corn                                  2.136                                   2.11                            2.32 
Soybeans                           566                                     480                            445
Wheat                                 936                                    914                             1.159

 

2016-17 SA Production 
Brazil 
Corn mmts                       94.3                                    93.5                              67
Soybeans                          111.3                                 111.0                              96.5

Argentina 

Corn                                   38.3                                    38.5                                  29
Soybeans                           56.2                                    56                                   56.8

 

World 2016-17 Carry out - mmts 
Corn mmts                          223.7                                 223                                211.8
Soybeans                              87.6                                  87.4                                77.1 
Wheat                                  252.3                                 251.3                              241.7

 

World 2017-18 Carry out -mmts 
Corn                                      209.4                                 195.3                              223 
Soybeans                             87.2                                    88.8                               87.4 
Wheat                                   247.8                                 258.3                             252.3  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  
This material has been prepared by a sales or trading employee or agent of MPT Brokerage Services and is, or is in the nature of, a solicitation. This material is not a research report prepared by MPT Brokerage Services. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.
DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW.  PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS.  TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.
The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results. Trading advice is based on information taken from trades and statistical services and other sources that MPT Brokerage Services believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. 

Tap For Sitemap

Agronomy

AgQuest

Energy

Farm & Grain Equipment

Feed

Grain