As noted yesterday:
This report and the July WASDE can whip the markets around to the sincere dismay of folks caught on the wrong side of the action.(and their bankers)
From Successful Farming:
The U.S. farmers planted fewer corn and soybean acres than the trade expected, according to the USDA.
As a result, the CME Group’s corn market jumped 40¢, its daily limit up, soybean rocketed 85¢ up, and wheat surged 22¢ higher.
At midsession, the July corn futures are 32½¢ higher at $7.27. New-crop September futures are 39½¢ higher at $5.98¼. December corn futures hit its daily limit up of 40¢ at $5.88¾.
July soybean futures are 80¢ higher at $14.39½.August soybean futures are 80¢ higher at $14.19¾. New-crop November soybean futures are 80¢ higher at $13.92.
Sept. wheat futures are 25¢ higher at $6.71¼.
Aug. soymeal futures are $18.80 per short ton higher at $369.20.
Aug. soy oil futures are $2.99 higher at 65.15¢ per pound.
In the outside markets, the NYMEX crude oil market is +0.59 higher (+0.81%) at $73.57. The U.S. dollar is higher, and the Dow Jones Industrials are 152 points higher (+0.44%) at 34,444 points.
A big acreage number was built into the market, but the USDA didn’t push out those big numbers.
Anything above 180.3 million acres breaks the 2017 total acreage record....
....MUCH MORE
