Premier Cooperative

CLOSING COMMENTS

June 28, 2017

Closing Comments 6-28-2017

Corn and Soybeans traded mixed today with soybeans firmer on a hot forecast later next month and corn lower on Rumors Argentina corn will move into the SE US. Export sale will be release tomorrow morning and the USDA planted acres and Stocks report Friday. July first notice day is also Friday.

 CORN

BEANS

Corn began the day higher but finished slightly lower. CN settled 2 ½ cents lower; CZ shed 1 ¼ cents. Commodity funds were sellers of an estimated 2100 corn contracts as of midday. Today’s trade was dominated by the spreading of July contracts forward as farmer selling remains light and many traders seem content to wait for Friday’s Planted Acreage and Quarterly Stocks reports. The market’s early strength slowly disappeared during the day as beneficial rainfall moved east from Iowa and Minnesota into Illinois and Wisconsin. Midday weather updates indicated that 75% of the Midwest will get an inch or more of rainfall during the next seven days. Above normal temperatures are forecast to return to the Midwest by late next week which would coincide with the beginning of the pollination process. It’s too early to accurately assess how long the heat may persist. The EIA released its weekly energy report this morning which showed ethanol production for the week ending June 23rd up 2.5% from the previous week. An estimated 100.7 million bu. of corn was used in last week’s production which is 6.7 million bu. less than needed/week to reach the USDA 2016/17 projection for corn use in ethanol production. Ethanol inventories declined by 442,000 barrels last week. Weekly export sales are expected to be near 22 million bu. tomorrow morning.

Rumors of South American corn coming to the U.S. next month have not been confirmed. Argentine sorghum is even cheaper than corn and some of it may end up in the eastern U.S.

Soybeans were modestly higher today with SN up 2 ¾ cents and SX 4 ¼ cents better. Commodity funds were buyers of an estimated 3000 soybean contracts in the pre-noon hours. Short covering was the main market feature today as traders position for Friday’s important USDA reports. Talk of warmer than normal temperatures the second week of July was also mildly supportive. Stats Canada will release its estimate of 2017 Canadian acreage tomorrow morning. Soybean acreage is estimated to be near 7.0 million acres compared with 5.46 million last year. The average trade guess for U.S. soybean acres in Friday’s planted acreage report is 89.8 million acres compared to the March projection of 89.5 million acres. Stocks of soybeans are expected to be near 983 million bu. which would be 111 million bu. more than a year ago. The weekly export sales report due tomorrow morning is expected to show soybean sales near 11million bu.

Latest Trade estimates for Friday’s quarterly stocks:

In billion bushels

Average

Range

USDA March 1

 

Corn

5.123

4.690-5.360

4.711

 

Soybean

0.983

0.870-1.119

0.872

 

Wheat

1.137

0.968-1.185

0.976

 

 

Latest Trade Estimates  for June acreage:

In million acres

Average

Range

USDA March 1

 

Corn

89.903

89.000-91.005

89.996

 

Soybean

89.750

88.466-90.500

89.482

 

All Wheat

46.070

45.700-47.404

46.059

 

Winter wheat

32.830

32.505-33.752

32.747

 

Other Spring

11.206

10.990-11.589

11.308

 

MARKET MOVERS:

USDA Weekly EXPORT INSPECTIONS Monday 7/3/2017 @ 10:00 am

USDA Weekly CROP PROGRESS Tuesday 7/03/2017 @ 3:00 pm

USDA Weekly USDA EXPORT SALES Thursday 6/29/2017 @7:30 am

USDA Quarterly Gain Stocks and Planted Acres Report 6/30/2017 @ 11:00 am

Monday, July 3rd

  • Early close for Grains – 12:05 p.m. (Mini Grains close at 12:30 p.m.)
  • Early close for Livestock – 12:15 p.m

Tuesday, July 4th – INDEPENDENCE DAY

  • CME Group
  • NO EVENING TRADING SESSION

Wednesday, July 5th

  • Grains and Livestock resume trading at 8:30 a.m.

HAVE A PREMIER DAY

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The information contained in this report is believed to be reliable but is not guaranteed to accuracy or completeness by Premier Cooperative, Inc. This report is provided for information purposes only and is not furnished for the purpose of, nor intended to be relied upon for specific trading in commodities here in.

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CORN SOYBEANS WHEAT, SRW
Price (+/-) Price (+/-) Price (+/-)
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3/31/18 3.59
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7/31/18 3.69
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Chart 9.22
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10/31/18 3.65
1'2
Chart 8.98
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11/30/18 3.65
1'2
Chart 8.98
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