Published on: 09:41AM Jun 08, 2010
The Bottom Line:
1. Overnight trade was slightly lower for corn, and mixed for wheat and beans.
2. This morning's weather reports still show positive growing/ planting conditions for the next 6-10 days.
3. Yesterdays Export Inspections were disappointing for corn and beans and in-line with estimates for wheat.
4. Yesterdays crop progress showed corn is 94% emerged vs. 85% a year ago. Corn is rated 76% in the good to excellent category vs. 69% a year ago, this is in line with estimates.
5. Trade estimates for Thursdays USDA Supply and Demand report corn ending stocks are for 2009-2010 1.724 bil bu vs. 1.738 bil bu. For 2010-2011 ending stocks estimates are 1.831 bil bu vs. 1.818.
6. Crop progress for beans yesterday revealed that 84% of the crop is planted vs. 76% a year ago. The first bean rating was released and it showed that the crop was 75% good to excellent.
7. Trade estimates for Thursdays USDA Supply and Demand report bean ending stocks are 2009-2010 184 mil bu vs. 190 mil bu.
8. Yesterdays Export Inspections were disappointing for corn and beans and in-line with estimates for wheat.
9. Trade estimates for Thursdays USDA Supply and Demand report all wheat production is 2.054 bil bu vs. 2.043 and the ending stocks are estimated to be for 2009-2010 947 mil bu vs. 950 mil bu. For 2010-2011 987 mil bu vs. 997 mil bu.
10. The outside markets need to be closely monitored as the European debt crisis still is weighing on the minds of all investors.
11. As of this writing the stock market is slightly higher while the dollar index is unchanegd. Crude oil is trading unchanged while gold is trading $3.20 higher.
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