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Grains Dip Lower in the Overnight

US Dollar and Crude also moves lower

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Grains dipped lower overnight with soybeans and wheat giving up 4 cents while corn was off 1. In outside markets, the US dollar and crude oil moved lower while equities were mostly unchanged.

Yesterday’s USDA report was bearish for corn with acreage and stocks coming in above expectations. Planted corn acres of 94.1 million topped the high end of analyst expectations which ranged from 92.0-94.0 going into the report and well above 92.9 that was expected. Likewise, quarterly stocks came in at 4.72 billion bushels, outside of expectations ranging from 4.43-4.65.

For soybeans, acreage was slightly lighter than expected at 83.7 versus expectations of 83.8. However, many analysts were looking for better than 84 million acres which may have led to some short covering after the report. Stocks were higher than expected at 0.87 billion bushels versus 0.83.

In wheat, stocks numbers were in line for the end of the marketing year and not surprising to the trade, coming in at 0.98 billion bushels. But, acreage projections were 1 million more than expected at 50.8 million versus 49.8 expected.

Today will be the last trade until July 5th. At noon CDT USDA May crush figures will be released with expectations at 162.5 MB.

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