KNIGHT AM GRAIN FUTURES COMMENTS TUESDAY 5.28.13

AM GRAIN FUTURES COMMENTS     Tuesday 5.28.13

 

     Heavier than expected weekend rainfall and more rain forecasted for this week in the US Midwest gapped new crop corn and bean futures prices higher when the markets opened after the Memorial Day Holiday.  Grain futures prices for corn and beans continued to move higher during the overnight session, while wheat futures are just marginally higher.  This morning the USDA announced a 120,000 mt sale of new crop beans to China.  Old crop versus new crop corn and beans futures inverses are losing a bit of ground.

     Over the past week, rains in the western Midwest have been 2-4 times more than normal while rains in the eastern Midwest have been less than half of normal.  Additional soaking rains are expected this week from Kansas northward through the Northern Plains as well as east through Iowa.  Planting progress for corn and beans will be delayed.  News wires are reporting flooding issues in Iowa.

    Cash market basis levels for corn are firm, while beans basis levels continue to erode.  SRW basis levels have backed off from recently higher levels, while HRW basis levels are firm as millers extend coverage before a later than normal harvest.  The HRS basis continues to be erratic.

          Helen Pound

    

 

GRAIN FUTURES–rounded

CN

SN

SMN

BON

WN

KWN

MWN

Today’s Pause

$6.61

$14.89

$433

$0.4960

$6.98

$7.47

$8.06

Change

+4

+13

+5

+0.0036

+1

+1

+0

 

OVERNIGHT PERCENT CHANGE IN FUTURES VALUES  

Grains

Corn

Beans

Meal

Soy oil

W

KC

Mpls

% Daily Change

 

  JULY 13

+0.6%

+0.9%

+1.2%

+0.7%

+0.1%

+0.2%

+0.1%

  DEC 13(orX)

+2.1%

+1.3%

+1.6%

+0.6%

+0.2%

+0.3%

-0.1%

  JULY14

+1.8%

+0.8%

+0.3%

+0.1%

 

 

 

 

 

 

 

 

 

 

 

Macros

Dollar

10 Yr

S+P

Crude

Copper

Gold

Silver

% Daily Change

+0.1%

-0.2%

+0.9%

+1.4%

+0.8%

-0.2%

-0.9%

 

UPCOMING REPORTS

Week of 5.27.13

Tues 5.28                     10:00 am         Export Inspections

                                    3:00 pm           Weekly Crop Progress Report

Futures Delivery Stocks

Wed 5.29                    3:30 pm           API Energy Stocks

Thur 5.30                     11:00 am         EIA Energy Stocks

Fri 5.31                        7:30 am           Export Sales

                                    2:00 pm           Commitment of Traders report

 

Week of 6.03.13

Mon 6.03                     10:00 am         Export Inspections

                                    3:00 pm           Weekly Crop Progress Report

Tues 6.04                     3:30 pm           API Energy Stocks

                                                            Futures Delivery Stocks

Wed 6.05                    11:00 am         EIA Energy Stocks

Thur 6.06                     7:30 am           Export Sales

Fri 6.07                        2:00 pm           Commitment of Traders report

 

Week of 6.10.13

Mon 6.10                     10:00 am         Export Inspections

                                    3:00 pm           Weekly Crop Progress Report

Tues 6.11                     3:30 pm           API Energy Stocks

                                                            Futures Delivery Stocks

Wed 6.12                    11:00 am         EIA Energy Stocks

                                    11:00 am         USDA June Supply/Demand Report

Thur 6.13                     7:30 am           Export Sales

Fri 6.14                        7:30 am           NOPA Crush

                                    2:00 pm           Commitment of Traders report

 

Week of 6.17.13

Fri 6.21                                                Last Trading Day July Grain Options

 

Week of 6.24.13

Fri 6.28                                                First Notice Day July Grain Futures Expiration

                                    11:00 am         Quarterly Grain Stocks

                                    11:00 am         Planted Acreage

 

 

 

HEADLINES

 

05/28 08:00a CST  DJ USDA Says 120,000 Tons of Soybeans Sold to China in 2013-14

 

 

 

Back Office Minneapolis Helen Pound