Grains await USDA report 6/29/09

Published on: 17:29PM Jun 29, 2009
Grains await USDA report
July 09 Corn
377 ½
-6 ¾
Dec 09 Corn
397 ¼
- 7
July 09 Beans
1215 ½
+ 14 ½
Nov 09 Beans
983 ½
- 7 ½
July 09 Wheat
530 ¾
- 3 ½
July 09 KC Wheat
581 ½
- 8
July 09 Min Wheat
651 ¾
- 15 ½
July 09 Meal
+ 5.2
July 09 Oil

July soybeans and July soybean meal closed higher and corn, wheat and new crop soybeans closed lower. Old crop/ new crop soybean and soybean meal spreads were the main features once again today. The June 30th stocks and acreage report comes out tomorrow morning, and the market is awaiting those numbers. The trade is anticipating a bullish stocks figure and increased acres for soybeans, and a bearish stocks figure and fewer acres for corn (estimates below). Even with the possibility of losing too many acres on the report, the bearish demand outlook and good weather outlook has driven corn prices lower. Corn is now on a 75-cent break from the 1st of the month and new crop soybeans are down $1/ bushel. We will have to see what the report says tomorrow, but corn and (new crop) soybeans will need a bullish report to keep prices supported at these levels. Both the stocks figures and acres will be very important tomorrow. I will write a more detailed letter following the report. As always, call if you have any questions.

Go to for a free two-week trial that includes our hedging recommendations, trades of the day, market recaps or to simply open an account.
Trading commodity futures and options involves substantial risk of loss and may not be suitable for all investors. The market information contained in this message has been obtained from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Market information may not be consistent with current or future market positions of E Hedger, its affiliates, officers, directors, employees, or agents. Recipients assume the risk of reliance on and indemnify and hold E Hedger harmless for any and all losses, costs, or tax consequences incurred as a result of their use of market information.