On the other hand, INFORMA dealt a blow to grain market bulls on Friday when they put out a forecast that called for 96.8 million corn acres vs. 96.1 million previously and USDA’s 95.9 million. Soybeans 76.0 milion vs. 75.8 previously and USDA’s 73.9 million. This changed the playing field, and we saw that as front month old crop corn sold off hard, losing 22 cents. New crop September and December sold off 11 ¼ and 10 cents, respectively. The increase in acreage over estimates by the USDA pushed the complex down, and we look to the forecasts to see what to watch in the coming weeks. Beans were following the same trend, with increases in acreage, losing 10 cents in July and down in August and September, but added anywhere between 3 and 5 cents past that. Long-term concerns seem to prevail anywhere past the September futures in the bean trade.
We look for corn to open 2 to 10 cents higher (new crop up more than old) and for beans to open 10 to 14 higher.
Daily CME spot market prices:
Block cheese: $1.615 (down 3 cents)
Barrel cheese $1.5725 (unchanged)
Butter: $1.54 (up 8.5 cents)
Grade A NFDM: $1.2225 (unchanged)
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