Grains are green and red to close:
July Corn +1 3/4 cents/bu (7.83 1/4)
July Soybeans +27 3/4 cents/bu (16.90 1/2)
July Chi Wheat -30 1/4 cents/bu (12.00 1/2)
CDN $ +0.00490 (78.130 cents)
WTI Crude Oil +2.62/barrel (112.21)
Annnndddd…. The results are in. The Kansas Wheat Tour wrapped up its third day of sampling and used their information to peg the overall Kansas crop at 261 million bushels. This is only 10 million bushels lower than the USDA’s estimate of 271 million bushels in their report just two weeks back. Scouts got their number with their average estimated yield of 39.7bu/acre which is significantly lower than 58.1bu/acre last year.
Riding on the heels of the decent (not good, but not terrible) yields of wheat tour, rains are expected to move into the plains putting additional pressure on wheat prices. I’ve said it before, and I’ll say it again, rain makes grain. More rain will help the wheat crop (and planted corn and soys) and could increase yields and supply.
The export sales report was released this morning for the week ended May 12th. Results are in thousand tonnes. New crop wheat and old crop soybeans sales were above expectations, while the rest was in line with expectations. Soybeans performance was especially surprising which is helping them grow positive.
Soybeans were also being propped up by good demand in the soymeal market, and the lack of supply in the edible oils market.
With no applicable news in its corner, corn was being pulled both up and down by the grain complex, resulting in it settling around even to close.
Funds were thought to have been all sellers today.
Megan McGrail, Grain Merchandiser
Wanstead Farmers Co-operative
519-845-3301
meganm@wansteadfarmerscoop.com