SUCCESSFUL FARMING – By MIKE MCGINNIS
DES MOINES, Iowa — On Monday, the CME Group’s soybean market has turned higher.
At midsession, the July corn futures are 1/2¢ lower at $4.15. Dec. corn futures are 1/4¢ higher at $4.34.
July soybean futures are 8 1/2¢ higher at $8.64. November soybean futures are 8 1/2¢ higher at $8.91 1/2.
July wheat futures are 3/4¢ lower at $5.03 3/4.
July soymeal futures are $3.50 per short ton higher at $315.80. July soy oil futures are $0.16 cent higher at 27.54¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.01 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 202 points higher.
Al Kluis, Kluis Advisors, says investors will be watching for today’s USDA Weekly Crop Progress Report and tomorrow’s June Supply/Demand Report.
“The USDA Weekly Crop Progress Report today will show nationwide corn planting at about 85% complete. I also look for the initial report on corn conditions to show that about 60% of the corn will be rated good to excellent, since the USDA only rates the corn that is emerged,” Kluis told customers in a daily note.
Kluis added, “We could be set up for a bearish USDA Crop Production Report on Tuesday. I doubt if the USDA will cut the corn crop in the June 11 report as much as the private estimates are expecting. If the USDA uses the same methodology as 1995 and 2012, then the USDA may report a corn crop that is around 14 billion bushels.”
Posted by: Successful Farming, 6/10/2019