30 June 2015 | Online since 2003

Chicago market report 10th July 2012



10 July 2012 09:15:03|Arable,Cereal,Crops,Market Reports,News

Chicago market report - 10th July 2012


Soybeans

Jul 12 Soybeans closed at USD16.65 1/4, up 45 1/4 cents; Nov 12 Soybeans closed at USD15.47 3/4, up 42 cents; Jul 12 Soybean Meal finished at USD485.50, up USD13.90; Jul 12 Soybean Oil closed at 54.43, up 116 points. Even though the market closed significantly higher it was actually also well off session highs. A dry weekend and the promise of more of the same for the week ahead set the tone, and had Jul 12 beans trading at a record high for a front month with funds rushing in to extend their long by an estimated 13,000 contracts.

The USDA pegged good/excellent crop conditions at 40%, five percentage points down on last week, but bang in line with expectations. The second top producing soybean state of Illinois has 42% of its crop rated poor/very poor, down eleven points in a week. More than half the crop in Indiana is now rated poor/very poor. Lanworth Inc, who use satellite imagery to forecast crop production, estimate the US soybean planted area at half a million acres lower than the USDA's number.

Corn

Jul 12 Corn closed at USD7.75 1/4, up 32 cents; Dec 12 Corn closed at USD7.30, up 37 cents. Funds were aggressive buyers to start the week once again, coming in for an estimated 25,000 contracts. A few months touched up the daily 40 cent limit, but as with soybeans were unable to hold those intra-day highs. Nevertheless there are few who would call this anything other than a pause en route to higher ground.

The USDA cut good/excellent crop ratings by eight percentage points for the second time in a row to 40%. The crop in Illinois, also the second largest corn producing state, is now rated 48% poor/very poor, with a whopping 61% of the crop in Indiana now in the bottom two categories. In addition Lanworth say that US corn plantings this year are in fact a million acres lower than the USDA currently predict. The USDA are expected to cut projected 2012 US corn yields from 166bpa last month to 154bpa on Wednesday. Even so, further cuts are anticipated down the line, with some private estimates now below 140bpa at the end of the day.

Wheat

Jul 12 CBOT Wheat closed at USD8.10 3/4, up 19 1/2 cents; Jul 12 KCBT Wheat closed at USD8.17 1/2, up 28 cents; Jul 12 MGEX Wheat closed at USD9.14, up 1/4 cent. Funds were said to have been net buyers of around 4,000 Chicago wheat contracts on the day, following corn higher.

Breaking news over the weekend of Russian flooding was supportive as we await clarification of any potential damage to standing crops, stored grain and also the road and rail infrastructure in the region.

The USDA cut spring wheat good/excellent conditions by five percentage points to 66%, which is now a little lower than a year ago, although still a decent performance and far better than corn or soybeans. Winter wheat harvesting is now three quarters done versus 56% on average. A private forecast from Martell Crop Projections suggests that the crop in the top US state of Kansas will only come in at 350 million bushels versus the 387 million bushels currently estimated from USDA.

Download




Comments


No comments posted yet. Be the first to post a comment

To post comment without approval login or register

Display name

Please enter your name

Email (optional)
Comment

Please enter your comment

Post Comment

Your comment submitted successfully.Please wait for admin approval.

Some error on your process.Please try one more time.



Jobs


Start Date: 22 June 2015
.Job for Harvest Tractor driver Leicestershire.

Tractor driver required for harvest, must be trustworthy careful driver. Mainly carting grain with some cultivation work as w...


Start Date: 26 June 2015
 Tractor Drivers/Operators required - jobs based in >>>Nottinghamshire<<<

We are a progressive farm growing potatoes and vegetables . We are now recruiting experienced operators in all...


Start Date: 30 June 2015
Job for Harvest Tractor Driver>>> Newark

Too mostly cart produce from field to store, to include cereals from combine, and potatoes and onions, there will be some ver...


Start Date: 24 June 2015
Experienced tractor driver for arable/contracting operations: job in Co Durham

650 acre arable farm in Co Durham with 2500 acre contracting business, looking for experienced tractor driver with extensive ...


Start Date: 27 June 2015
General Office Administrator

Person to work in the office able to deal with all aspects of office work in an animal feed mill. Must be able to type and be...





Top stories you may have missed
5 June 2015 | Cattle

A strong pound and increased red meat imports coupled with a plentiful dome...


5 June 2015 | Arable

Depression is affecting Wales' farming industry and there is a need to use ...


5 June 2015 | Arable

With just one week to go before the final judging and announcement of the w...


5 June 2015 | Finance

A rural law expert has highlighted the importance of good succession planni...


5 June 2015 | Farmshops

A south Yorkshire dairy farming family is pulling out all the stops to prom...


4 June 2015 | Finance

Predicting what is going to happen to wheat prices is a challenge, but in s...


4 June 2015 | Agri Safety

A Lancashire based livestock theft prevention scheme is aiming to go nation...


4 June 2015 | News

A female farmer has been recognised by the farming and conservation industr...


4 June 2015 | Finance

The new Conservative government appears to be preparing to implement cuts f...


4 June 2015 | Arable

The Rural Payments Agency (RPA) will have mobile support units at the follo...