- Grains faded toward morning with corn down 1 cent near the break
- Wheat is 1/2 cent higher
- Beans are 2 1/4 cents lower
- WTI Crude is off 28 cents
- The USDA Planted Acreage and Grain Stocks reports are both due tomorrow at 11:00 AM CDT.
- Traders estimate corn stocks at 5.268 billion bushels, soybeans 1.225, and wheat 1.091. Corn acreage is estimated at 88.562 million, soybeans 89.691, and all wheat at 47.124.
- Over 60 companies representing the American dairy farmers and cheesemakers in a letter asked President Trump to suspend steel and aluminum tariffs on Mexico until renegotiations of a free trade treaty is completed.
- U.S. ethanol production for the week ended June 22 averaged 1.072 mil barrels a day (up 0.75% versus a week ago, up 5.62% versus a year ago); stocks totaled 21.674 mil barrels (up 0.12% versus a week ago, down 0.75% versus last year); corn use for the week was 111.7 mil bu (110.9 mil last week, 98.4 needed to meet USDA projections).
Chart of the Day
Today’s charts show price action for the key December corn and November soybean contracts, on the June USDA report dates, since 1990. CZ7 picked up 12 cents last year on a rebound from $3.75/bushel-area lows up into that report to a $4.17 1/4/bu high on July 11 (then a decline all the way down into expiration). SX7 gained 30 cents last season as part of a rally from $9.07/bu late-June lows to early-July highs exactly $1.40/bu higher, thanks to only steady June ‘17 acreage and less-than-expected 6/1/17 stockpiles