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Wheat supported by weather concerns

 

Futures Markets copy

Soybeans were mostly lower, getting ready for Tuesday’s USDA numbers. There’s more rain in the forecast for some already very wet areas, further delaying planting. There’s a lot of uncertainty about the acreage estimate Tuesday and most analysts are expecting a revision down the line. Quarterly stocks are expected to be around 670 million bushels, compared to 405 million a year ago. Stocks and acreage numbers are out at Noon Eastern/11 AM Central. According to USDA, 94% of soybeans are planted, compared to 97% on average and 89% has emerged, compared to 94%. 8% of the U.S. crop is blooming, compared to 9% on average. 63% of soybeans are in good to excellent condition, down 2% on the week. Soybean meal was mostly lower and soybean oil was down.

Corn was mostly lower in pre-report position squaring. Corn was also watching the weather while getting ready for the stocks and acreage numbers. There’s also plenty of uncertainty about the corn acreage total and just how much USDA may adjust acres in the coming months. The average estimate for quarterly corn stocks is 4.555 billion bushels, compared to 3.852 billion on June 1st, 2014. USDA reports 4% of this year’s U.S. crop is silking, compared to 4% last year and 8% on average, and 68% of the crop is rated good to excellent, 3% lower than a week ago. Ethanol futures were mixed.

The wheat complex was higher on commercial and speculative buying. There’s more rain in the forecast for soft red winter areas, delaying harvest activity, while the northwestern U.S. Plains and western Canadian Prairies are expected to stay dry. Quarterly U.S. wheat stocks are seen at 718 million bushels, compared to 590 million this time last year. For winter wheat, says 38% is harvested, compared to 46% on average, with 41% of the crop called good to excellent, unchanged from last week. For spring wheat, 49% is headed, compared to 29% on average, and 72% is in good to excellent shape, up 1% on the week.

 

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