Corn was lower today, pressured by forecasts for warmer and drier Midwest weather the next two weeks. CN finished the day 4 ¼ cents lower and CZ was down 3 cents. Commodity funds were sellers of an estimated 4200 corn contracts as of midday. Trading volume was low today. Traders are expecting the improving weather to translate to a rise in corn rated in good or excellent condition in next Monday’s Crop Conditions Report. Otherwise, fresh news was lacking as we wait for Friday’s acreage and quarterly grain stocks reports. The weekly energy report from EIA showed ethanol production for the week ended June 21st down 0.8% from the previous week with ethanol inventories also down slightly. Margins remain in the red and there is more talk of extended downtime at some plants later this summer due to the poor margin outlook. Corn sales in tomorrow’s weekly export sales report are expected to be near 12 million bu. old crop and about 8 million bu. new crop.
Soybeans were lower today with the drier and warmer outlook into mid-July pressuring the market. SN dropped 9 ¼ cents and SX fell 8 ¼ cents. Commodity funds were sellers today with sales estimated at 3600 soybean contracts as of midday. Weather forecasts hold out hope that solid progress will be made planting soybeans this week and next. U.S. Treasury Secretary Mnuchin said today that the trade deal between the U.S. and China was “90%” complete and President Trump indicated that a deal could soon be reached, but traders have heard this before and largely ignored the talk as they want to hear that a deal has been agreed to by both parties. Tomorrow’s export sales report is expected to include old crop soybean sale near 13 million bu. with new crop sales near 7 million bu.
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