Friday and Report Day

Good morning. Friday and report day. Grains and soybeans have pushed slightly lower overnight as buying subsides in front of today’s USDA crop report and the upcoming weekend. We are in a weather market and weekends always provide added risk for traders with the possibility of weather forecasts looking a lot different on Sunday evening than they did on Friday. Wheat remains the price leader. Chinese corn, soybean, and veg oil markets all rose today and Malaysian palm oil is firmer. The Dollar is firmer and crude oil is little changed. Current estimated commodity net short positions are 132,000 corn contracts, 77,000 soybeans, and 89,000 Chicago wheat contracts. Average trade guesses for the USDA report are as follows:

USDA 2016/17 U.S. ending stocks:

USDA 6/9/17
Ave. Trade Guess
Range
USDA May, 2017
Corn
2.287
2.215 – 2.360
2.295
Soybeans
0.433
0.400 – 0.458
0.435
Wheat
1.161
1.144 – 1.200
1.159

 

USDA 2017/18 U.S. ending stocks:

USDA 6/9/17
Ave. Trade Guess
Range
USDA May, 2017
Corn
2.085
1.985 – 2.200
2.110
Soybeans
0.485
0.435 – 0.612
0.480
Wheat
0.911
0.860 – 0.995
0.914

 

It’s Friday – with the weather market and crop report we could see markets trade both sides of yesterday’s closes. We’ll send out crop report info. shortly after its release. Have a great weekend!

 

 

 

 
Hugh Whalen|Commodity Risk Consultant | MID-CO COMMODITIES, INC.| Ph: 309-557-6010 | Fx: 309-828-2822| hwhalen@mid-co.com

Print Friendly, PDF & Email

Comments are closed.