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
Corn mmts 94.3 93.5 67
Soybeans 111.3 111.0 96.5
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
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