Please join us in wishing Jerry Rowe a happy and fulfilling retirement. Jerry has been in the grain business for 42 years. The last 32 have been as General Manager of Heritage Grain Cooperative in Dalton City.
There will be a retirement party for Jerry on June 23rd. At the Willow Ridge Winery Westervelt, IL , starting at 2PM. All are welcome!
The Board of Heritage Grain asks you to join us in seeing Jerry off on his retirement.
June 20th, 2019
Despite trading lower in the overnight session, corn futures rebounded to end the day mostly higher as fresh buying emerged on wet U.S. weather. As of midday, funds were estimated to have bought approximately 11,000 contracts of corn. Rain is forecast for the Midwest the balance of the week, as well as this weekend and the beginning of next week, keeping many fields saturated. However, the midday weather model reduced expected precipitation amounts for IL, IN & OH from previous models while MN, IA and far western and southern IL still show chances for high precipitation totals. Weekly U.S. export sales were disappointing this morning at only 1.5 mln. bu. U.S. corn sales the last three weeks have totaled a dismal 7.9 mln. bu. Moving forward, corn exports need to average roughly 22 mln. bu. per week the balance of the marketing year to reach USDA’s 18/19 export forecast. Talk has been circulating that corn imports pencil into Wilmington NC and Mobile AL out of South America, so traders will be monitoring that situation moving forward. While corn production remains a serious concern in the U.S., this is not the case in the world market as Brazil, Argentina, and Ukraine (3 of the world’s leading corn producing countries) all expect record corn crops this year. Current projections suggest that between these three countries, they will add nearly 2 bln. bu. of corn to the world supply this year. On a positive note, USDA announced a flash sale of 122,000 tons of corn sold to Mexico. 52,000 tons was slotted for 18/19 and 70,000 tons for 19/20.
Soybean futures were the market leader today, closing mostly double digits higher. Buying interest resurfaced as existing wet conditions coupled with a forecast for rains off and on over the next seven days, which will likely continue to disrupt soybean planting was deemed friendly. As of midday, funds were estimated to have bought 8,000 contracts of beans. Monday will bring the trade’s next look at U.S. soybean planting progress & the first bean condition report of the season, while next Friday will bring the updated U.S. stocks and acreage reports. The trade will be looking for hints on what final acreage may be. Although, with planting taking place past the normal data collection period, the full extent of prevent plant acres likely won’t be known until this fall. Weekly U.S. soybean export sales were solid this morning at 21.0 mln. bu. Outstanding bean sales to China will likely determine if USDA’s annual 18/19 export projection can be met as their outstanding sales total 6 MMT. If the majority of those sales ship, USDA’s projection should be met and possibly exceeded. However, if they do not and are rolled forward/ cancelled, it is estimated sales will need to average roughly 12 -13 mln. bu./ wk. the balance of the marketing year. Recent news indicates Chinese buyers have asked to postpone shipments of 2 MMT of beans scheduled to ship Jul/Aug due to limited storage capacity. In other export news, USDA reported this morning that 189,000 tons of beans were sold to unknown. Of that total, 126,000 tons were scheduled for 18/19 and 63,000 tons for 19/20.
This data and these comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. The risk of loss in trading futures and/or options is substantial. Each investor must consider whether this is a suitable investment. When trading futures and/or options, it is possible to lose more than the full value of your account.
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