Corn Exports Continue to Improve
Not a whole lot of exciting news in the markets going home on Friday. Grains were slightly lower while cattle was a bit stronger. However, some rare good news for the corn market: exports seem to be picking up.
Here’s Standard Grain’s Joe Vaclavik.
Vaclavik… “U.S. corn export sales continue to improve. Sales for the 19-20 marketing year are running 20% behind last year's pace. Now you got to remember, as of of the first of the year, I think we were running 43% behind last year's pace. So we've seen a big improvement. USDA is projecting a decline of 16 and a half percent for the year. So I think we've got a very good shot of meeting or even exceeding those USDA projections for corn exports. And we need all the demand we can get, given this ethanol situation.”
In closing markets:
Rolling to the July futures in Chicago Wheat futures yesterday closed down $0.07 ½ to $5.16 ½.
Kansas City Hard Red Winter Wheat down $0.05 to $4.83.
July Corn closed down $0.01 ½ to $3.18 ½.
Portland prices for soft white wheat of ordinary protein down a nickel ranging from $6.00 to $6.08.
Club Wheat of Ordinary Protein steady, ranging from $6.00 to $7.83.
Dark Northern Spring wheat prices down as much as $0.12 ¼ ranging from $6.18 ¼ to $6.58 ¼ for 14% protein.
Live Cattle futures were up $1.30 on the June board to $87.25. Feeder Cattle for August up $1.15 to $127.65.
Class III milk on the June futures down $0.25 to $12.19.