Before turning back higher, December corn made new lows for the year earlier this morning as rains fell yesterday in the eastern Corn Belt which had been dry. The 14-day forecast also shows more incoming rain.
On Friday, the USDA will release its Grain Stocks and Planted Acreage Report, and estimates are that corn planted acres will come in at 90.353 million which would be slightly higher than the March planting intentions. US quarterly stocks estimates are at 4.873 billion bushels
Corn export demand has been strong but not enough to support prices. Yesterday, Mexico purchased 8.3 million bushels of corn with 7.4 mb of that amount as new crop sales.
Soybeans are mixed at midday with the two front months trading higher but deferred contracts lower. This has been a trend and indicated that there is demand for cash soybeans but anticipation of a large soybean crop arriving later this year. Soybean meal is trading lower, while soybean oil is higher.
On Friday, the USDA will release its Quarterly Stocks and Planted Acres reports. Analysts are estimating that the number of soybean planted acres will come in at 86.753 million which would be slightly higher than the planting intentions numbers of 86.510 million reported in March. Quarterly soybean stocks as of June 1 are estimated to come in at 0.962 billion bushels which would be higher than last year.
Today’s weather forecast shows rains falling though eastern Nebraska, Kansas, Missouri, and further southeast. The two-week forecast features significant rains for the eastern Corn Belt which has been in need of rain.
All three wheat classes are trading higher at midday, with some likely profit taking occurring by the funds who are net short over 50,000 Chicago wheat contracts.
Estimates for Friday’s Planted Acreage report have all wheat at 47.657 million acres with 34.197 million of those winter wheat and 11.34 million spring wheat. Quarterly wheat stocks are estimated at 0.684 billion bushels.
World weather is currently threatening for the wheat crops with both Russia and Ukraine forecast to receive hot and dry weather in the coming months, potential flooding in the US Midwest, and Australia receiving more rain than expected.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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