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June 24, 2015
CORN: Corn is lower this morning after the 18 cent rally the last 2 days on short covering and concern about too much rain in the ECB. Pressure overnight coming from farmer selling with big movement seen yesterday in various parts of the Midwest. Corn basis levels were off 1-4 cents/bu depending on the location. Spread volume remains heavy with just 4 trading sessions until first notice day. Ethanol margins are improving with recent firmness in ethanol outpacing the gain in corn. Weekly EIA report today though should ethanol production steady to down slightly with summer maintenance season. The current price structure does not bode well for US corn exports this fall. Allendale reportedly out with their farmer survey of acres and they peg corn at 91.7 mln acres vs USDA March number of 89.2 mln acres. They estimate soybean acres at 85.1 mln vs the USDA March number of 84.6 mln. Weather forecast has another round of showers today/tomorrow for ECB and another light system Sun-Mon for the Midwest but then dries out the balance next week (which will be welcomed).
SOY-COMPLEX: Beans and meal are lower overnight while soyoil is higher. Soybeans and meal are looking to consolidate the recent rally since last week. Most of the US soybean processors rolled their soybean bids to the August yesterday (or day before) and dropped bean basis anywhere from 2-9 cents/bu on the roll. Perception is US crusher has 3-4 week coverage again on soybean ownership. So still have August slot to book yet. The huge discount of S. America soymeal to US meal values by $30-$50 a ton is keeping meal rallies in check. China reportedly this week booked up to 8 cargoes of Argentine Soybeans.
Allied Grain will be closed Friday, July 3rd Have a great 4th of July Weekend!!!
In this week's Crop Tech Corner, an experiment to produce aphid-repelling GE wheat in the UK failed, scientists discovered an important genetic key behind the soybean seed's modern germination habits, and the government invested $30 million in bioenergy sorghum research.