Somewhat of a quiet day in the markets to start the week on Monday. Positive moves in the energy sector, could be positive for ethanol and in turn, corn. Here’s Standard Grain’s Joe Vaclavik.
Vaclavik… “Ethanol stocks have dropped pretty significantly here for I think three consecutive weeks now. So we're to the point now where ethanol demand or usage on a weekly basis is actually outpacing ethanol production. Now we've seen a small uptick in production in the last couple of weeks. I think that that probably increases. I think you're going to see some much better numbers here the next few weeks. Margins are better. You've got really cheap corn still, your inputs cheap. Your ethanol prices have come up.”
Chicago July Wheat futures yesterday closed down $0.03 ¼ to $4.97.
Kansas City Hard Red Winter Wheat down $0.06 to $4.46 ¼.
July Corn closed up a penny and a half to $3.20 ½.
Portland prices for soft white wheat of ordinary protein steady, ranging from $6.00 to $6.15.
Club Wheat of Ordinary Protein unchanged as well from $6.15 to $7.75.
Dark Northern Spring wheat prices down a penny and a half ranging from $6.09 ¾ to $6.64 ¾ for 14% protein.
Live Cattle futures were up $1.72 ½ on the June board to $98.72 ½. Feeder Cattle for August up $1.87 ½ to $126.60.
Class III milk June futures yesterday dropped $0.19 to $16.66.