Corn is currently trading higher at midday ahead of the Quarterly Stocks and Acreage report. A higher close today would break the trend of the past 6 consecutively lower closes in corn.
In today’s USDA Grain Stocks and Planted Acreage report, 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.
Today was First Notice Day for July corn and 744 contracts were delivered against July with prices attractive to end users. Both ethanol and export demand have been stout with exports potentially exceeding the USDA’s estimates.
Soybeans are trading higher at midday after the November contract made a new yearly low yesterday as traders await the stocks and acreage report. Weather is expected to turn colder in the northern Plains which could cause some frost risks. Both soybean meal and oil are trading higher.
In today’s Quarterly Grain Stocks and Planted Acreage Report, analysts estimate that the number of soybean planted acres will come in at 86.753 million which would be slightly higher than the March planting intentions. 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 was First Notice Day for July soybeans, soybean meal, and soybean oil, and there were 1,137 soybean oil deliveries, but 877 of those contracts were taken by ADM. Funds are currently estimated to be holding a net short position in soybeans and its products of over 200,000 contracts.
All three wheat classes are trading lower in the September contract after prices rallied off yesterdays’ lows and remain above the recent low of 556 ¾ in September Chicago wheat. While prices attempt to recover from oversold conditions, harvest continues to pressure prices.
Estimates for today’s Planted Acreage report have all wheat at 47.657 million acres with 34.197 of those being winter wheat and 11.34 spring wheat. Quarterly wheat stocks are estimated at 0.684 billion bushels.
First Notice Day resulted in 1,129 deliveries against July Chicago wheat while there were no deliveries against KC wheat. Following the recent selloff in wheat the US is becoming more competitive with EU soft wheat.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
