CBOT Closing Comments
Soybeans
Beans closed mixed with July at $12.15, up 14 cents and November at $9.83 ½, down 7 ½ cents. The old crop scenario remains tight and the new crop one bearish, or at least so we think until tomorrow. US acreage is estimated at 78.305 on average for the USDA planted acres report and ending stocks are forecaste at 0.585 billion bushels with a range of 0.560 to 0.620 billion bushels. Some reports are circulating however that the planted area will actually drop from the 76.024 estimated in March. Tomorrow will be interesting.
Corn
July corn finished at $3.77, down 7 ¼ cents. The USDA acreage and quarterly grain stocks report will be released tomorrow at 13.30 BST. Traders are looking for corn acres to come in at 84.158 million acres on average. Quarterly ending stocks are forecasted to average 4.19 billion bushels with a range of 4.064 to 4.321 billion bushels. US weather remains conducive for good crop development for the time being.
Wheat
July CBOT wheat closed at $5.28 ½, down 5 ¾ cents. All wheat acreage is estimated at 58.337 million on average by the trade industry for tomorrow’s USDA planted acreage report. Spring wheat is pegged at 13.102 million acres, down from 13.304 million in March. The trade estimates wheat quarterly ending stocks at 0.670 billing bushels with a range of 0.640 to 0.687. Meanwhile the Argentine crop keeps shrinking and could fall to just 6 MMT this year say the Buenos Aires Grain Exchange, almost half of the current USDA prediction.
Beans closed mixed with July at $12.15, up 14 cents and November at $9.83 ½, down 7 ½ cents. The old crop scenario remains tight and the new crop one bearish, or at least so we think until tomorrow. US acreage is estimated at 78.305 on average for the USDA planted acres report and ending stocks are forecaste at 0.585 billion bushels with a range of 0.560 to 0.620 billion bushels. Some reports are circulating however that the planted area will actually drop from the 76.024 estimated in March. Tomorrow will be interesting.
Corn
July corn finished at $3.77, down 7 ¼ cents. The USDA acreage and quarterly grain stocks report will be released tomorrow at 13.30 BST. Traders are looking for corn acres to come in at 84.158 million acres on average. Quarterly ending stocks are forecasted to average 4.19 billion bushels with a range of 4.064 to 4.321 billion bushels. US weather remains conducive for good crop development for the time being.
Wheat
July CBOT wheat closed at $5.28 ½, down 5 ¾ cents. All wheat acreage is estimated at 58.337 million on average by the trade industry for tomorrow’s USDA planted acreage report. Spring wheat is pegged at 13.102 million acres, down from 13.304 million in March. The trade estimates wheat quarterly ending stocks at 0.670 billing bushels with a range of 0.640 to 0.687. Meanwhile the Argentine crop keeps shrinking and could fall to just 6 MMT this year say the Buenos Aires Grain Exchange, almost half of the current USDA prediction.
