Grains were mixed to close:
Sept Corn -5 3/4 cents/bu (6.64)
Aug Soybeans + 15 cents/bu (15.71 1/2)
Sept Chi Wheat -6 cents/bu (9.30)
Currently:
Cdn $ -0.00165 (77.545 cents)
WTI Crude Oil -2.52/barrel (109.24)
Happy USDA report eve! In advance of the report due out tomorrow at noon, grains have been relatively calm as traders position themselves. In general, the trade is expecting to see increases to corn planted acres and decreases to soybean acres. Wheat is also expected to go down as a result of spring wheat. Since 2015, responses to the June USDA report have all been bullish for soybeans, while corn is all over the map.
Below is a recap of the average trade guesses for tomorrow’s USDA reports:
Tomorrow’s USDA movements may be accentuated by the fact that the U.S. will be entering a long weekend with the Monday holiday. Karen Braun says it best…
Tomorrow we also will get numbers on export sales for the week ending June 23rd.
Today we saw the EIA report released for the past couple weeks and it showed that crude oil stocks decreased from last week to 415.6 million barrels, while ethanol stocks followed suit and decreased 0.7 million barrels to 22.7. Ethanol production was also down 4,000 barrels to 1,229 thousand barrels. Crude oil in the Strategic Petroleum Reserve last week fell to the lowest levels since April 1986.
Funds were thought to have been mixed today with corn expected to have been unchanged, beans to have been a buyer, and wheat to have been a seller.