Global Bioenergy Industry News
Weekly Roberts Report
CORN futures on the Chicago Board of Trade (CBOT) were down on Monday. The JULY'09 contract closed at $3.770/bu; off 7.2¢/bu and 8.25¢/bu lower than last Monday. DEC'09 corn futures finished at $3.972/bu; down 7.0¢/bu and 8.2¢/bu under last report. Good growing weather, lower-than-expected exports, and large speculators backing off bullish positions pressured prices. USDA put corn-inspected-for-export at 27.667 mi bu vs. expectations between 30.0-35.0 mi bu. This was 14.935 mi bu off last week’s pace. Traders were adjusting positions prior to Tuesday's USDA June-plantings and quarterly stocks report. Average estimates for corn seedings were placed at 84.158 mi acres vs. USDA's March report at 84.986 mi acres. Cash corn bids were weaker amid slow farmer selling. USDA rated the US corn crop at 72 per cent good-to-excellent condition. The market expected a 68 per cent-70 per cent rating as several floor sources said this time of year crop condition starts to drop. Funds sold about 4,000 contracts as large speculators decreased net bull positions in CBOT corn. Hopefully up to 60-70 per cent of the '09 crop has been priced. It would be good to consider selling another 10 per cent bringing the ’09 crop to 70-80 per cent sold. Corn continues to submit to seasonal declines.
SOYBEAN futures on the Chicago Board of Trade (CBOT) were down on Monday with the exception of the July contract. The JULY’09 contract closed up 14.0¢/bu at $12.15/bu and 63.75¢/bu over last report. The NOV'09 contract closed at $9.834/bu; off 7.5¢/bu but 2.5¢/bu higher than Monday. Bull spreads in the July/August on tight supplies were supportive while good crop weather, expectations that USDA will lift soybean acres, and so-so exports held prices back. Trade expectations for soy-planted acres average 78.305 mi acres, up 2.281 million acres from the March estimate. USDA put soybeans-inspected-for-export at 12.934 mi bu versus trade expectations between 10.0-15.0 mi bu. Cash soybeans were steady-to-firm amid slow grower sales. Funds sold 2,000 lots while large speculators sold right at 4,000 contracts. If you didn't get the '09 crop priced to 70 per cent, now is a good time. If you have beans left in the bin, it would be a good to consider selling them.
WHEAT futures in Chicago (CBOT) were down again on Monday. JULY'09 wheat futures finished off 5.75¢/bu at $5.284/bu; 17.75¢/bu lower than last report. The SEPT'09 wheat contract closed at $5.576/bu; off 5.25¢/bu and 17.5¢/bu lower than this time last Monday. Heavy global stocks, sluggish exports, and harvest activity weighed on prices. USDA put wheat-inspected-for-export at 10.126 mi bu vs. estimates between 13.0-17.0 mi bu. Harvest progress was placed at 36 per cent vs. the five-year average of 46 per cent and 45 per cent of the U.S. wheat crop was rated good-to-excellent. Funds and large speculators increased bearish positions. It would be a good idea to finish pricing the '09 crop at this time.
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