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WEEKLY COMMODITY REPORT

07/05/2018

According to the June 12th 2018 WASDE #578 release, 80.7 million acres of corn will be harvested in 2018 to yield 14.60 Billion bushels unchanged from the May Report. The soybean crop is projected to attain 4.84 Billion bushels from 88.2 million acres harvested. These values are updated from the April WASDE report #576.

Quarterly corn and soybean stocks were estimated by USDA in a release on June 29th to total 5.3 Billion bushels (36.2 percent of 2017 harvest) and 1.2 Billion bushels (27.3 percent of 2017 harvest) respectively.

The following July and September quotations were posted by the CME at close of trading on July 5th together with values for the previous week in parentheses.

COMMODITY

 

Corn (cents per bushel)

July ’18 342 (350)

Sept. ‘18 351 (359)

Soybeans (cents per bushel)

July ’18 834 (858)

Sept. ’18 843 (868)

Soybean meal ($ per ton)

July ‘18 328 (332)

Sept. ’18 326 (331)

Changes in the price of corn, soybeans and soybean meal this week were:-

COMMODITY CHANGE FROM PAST WEEK

Corn: July quotation down 8 cents per Bu. (-2.3 percent)

Soybeans: July quotation down 24 cents per Bu. (-2.8 percent)

Soybean Meal: July quotation down $4/ton. (-1.2 percent)

  • For each 10 cent per bushel change in corn:-

The cost of egg production would change by 0.45 cent per dozen

The cost of broiler production would change by 0.25 cent per pound live weight

  • For each $10 per ton change in the price of soybean meal:-

The cost of egg production would change by 0.40 cent per dozen

The cost of broiler production would change by 0.25 cent per pound live weight

Declines in the prices of soybeans and hence soybean meal relate to competitive resumption of soybean exports from Brazil and cessation of U.S. shipments to China in accordance with tariff concerns. The CME price of soybean meal continued to fall this week albeit at a slower rate compared to the previous week. The effects of tariffs threatened to take effect on June 6th if imposed by China have yet to be quantified.

See WASDE posting summarizing the June 12th USDA-WASDE Report #578, under the STATISTICS tab reviewing price projections and quantities of commodities to be produced, used and exported during the 2018 season.