Corn Acreage Expectations
May WASDE Report comes out today. Standard Grain’s Joe Vaclavik thinks the new crop corn number will be a big one, but it’s probably already priced into the market.
Vaclavik… “This report will include our first look at the new crop balance sheets for corn and soybeans. The new crop numbers are slated to look especially ugly for corn given larger acreage and the idea of drastically reduced demand via ethanol. Now, I would probably argue that a lot of this bearish news has already been discounted in the marketplace.”
Chicago July Wheat futures yesterday closed down $0.04 ½ to $5.17 ¼.
Kansas City Hard Red Winter Wheat down $0.05 to $4.75.
July Corn closed down just a half cent to $3.18 ½.
Portland prices for soft white wheat of ordinary protein up $0.08 ranging from $6.08 to $6.15.
Club Wheat of Ordinary Protein up $0.15 ranging from $6.15 to $7.83.
Dark Northern Spring wheat prices up $0.02 ¾ ranging from $6.35 ¾ to $6.78 ¾ for 14% protein.
Live Cattle futures dropped $1.97 ½ on the June board to $92.67 ½. Feeder Cattle for August down $4.27 ½ to $132.67 ½.
Class III milk yesterday rallied $0.75 on the June board to $14.43.