Morning Comments June 13, 2018

Opening calls:

Corn down 1 to 2 cents

Soybeans down 7 to 9 cents

 

Nearby corn closed 10 1/4 cents higher yesterday at $3.77 1/2, most likely due to what was viewed as a friendly WASDE report. 17/18 U.S. stocks were lowered by 80 million bushels and export estimates raised 75 million bushels. Estimated corn use for ethanol next year was also raised 25 million bushels. Some traders are expecting further decreases in carryout in later reports, based on expectations for higher U.S. demand and lower production levels in other parts of the world.

Beans had a similar reaction to corn following the report’s release, up 9 ½ cents at one point for nearby. However, they could not hold the momentum to the close and July beans closed only ¼ cent higher yesterday at $9.54. No changes were made to the export estimate in Tuesday’s report, but crush estimate was raised 25 million bushels as a result of Argentina’s production problems.

Have a good day!