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At the open:
Corn= 970,600 metric tons (mt.) vs. the trade expectations of 300,000-1.0 mmt.
Soybeans= 198,100 mt. vs. the trade s expectation of 100,000-600,000 mt.
Wheat= 433,600 mt. vs. the trade s expectations of 200,000-600,000 mt.
Soybean meal= 218,200 mt. vs. the trade s expectations of 100,000-300,000 mt.
Also, yesterday, the EIA released strong ethanol numbers. Corn use for ethanol is larger than expected.
Its report showed that U.S. ethanol production, a week ago, reached 1.034 million barrels per day. That total makes a post-pandemic high. For the past four weeks, output has averaged over 1.0 million barrels per day.
With this kind of output, combined with this week s stronger than expected old-crop exports, corn use is rising.
On Thursday, the CME Group’s corn and soybean markets jump double-digits. At midsession, the July corn futures are 32 1/4¢ higher at $6.57 1/2. New crop September futures are 26 1/4¢ higher at $5.73 1/4. December corn futures are 22 1/2¢ higher at $5.43 1/4. July soybean futures are 29 3/4¢ higher at $15.33 1/4. August soybean futures are 32 3/4¢ higher at $14.85 3/4. New crop November soybean futures are 30 1/4¢ higher at $13.77 1/2. July wheat futures are 20¢ higher at $6.68 1/2. July soymeal futures are $6.30 per short ton higher at $390.10. July soy oil futures are $0.97 higher at 66.65¢ per pound. In the outside markets, the NYMEX crude oil market is -0.37 higher (+0.56%) at $66.58. The U.S. dollar is lower, and the Dow Jones Industrials are 128 points higher (+0.37%) at 34,451 points.
On Thursday, the CME Group’s farm markets, closing mixed, found strength in the new-crop corn contract. At the close, the July corn futures settled 6 1/4¢ higher at $6.64 3/4. New crop September futures closed 12¢ higher at $5.79. December corn futures ended 13¢ higher at $5.52. July soybean futures closed 5¢ lower at $15.33 1/4. August soybean futures closed 5 1/4¢ lower at $14.80 1/2. New crop November soybean futures are 1 1/2¢ lower at $13.67 1/2. July wheat futures closed 4¢ lower at $6.75 1/4. July soymeal futures settled $2.10 per short ton lower at $401.10. July soy oil futures finished $0.71 lower at 65.76¢ per pound. In the outside markets, the NYMEX crude oil market is -1.20 lower (-1.89%) at $62.16. The U.S. dollar is lower, and the Dow Jones Industrials are 223 points higher (+0.66%) at 34,119 points.