The July bean and meal markets opened weaker but traded higher after bullish export inspections were released. USDA report inspected 156,364 mt of soybeans, up 73% in the prior seven days. Mostly good weather pressured November beans down to 12.20 3/4 before prices recovered. July meal posted a new contract high for the move upward at 509.40. July soyoil futures remain on the defensive, posting a new day session low at 3814.
-Wheat as rising global production is expected to curb demand for U.S. supplies. Global wheat output is forecast to rise 8.6% in the 13/14 marketing year that ended on May 31. Ending Stocks are expected to total 186.5 mil mt, up 6.4% from the prior year.
Spring wheat planting in Russia, is already ahead of last year's pace. The government has forecast total grain production at 100 mil mt, up from a prior forecast for 95-98 mil mt.
U.S. exporters shipped only 950 mil bu of wheat this marketing year, down from 1.185 bil bu bu the prior year, according to USDA. "Right now the U.S. isn't competitive compared to most of the world, so we're going to have to drive down prices to get some demand back,"
Corn also fell to 3 months low, as rainfall in the Midwest and Plains boosts the U.S. crop. As much as 3 times the normal amount of precipitation has fallen in parts of the Corn Belt in the past month. While the rain slowed planting, growers were able to get much of the crop planted in a short window when the weather was dry. Now, the rain that kept them out of fields early in the spring is proving beneficial for recently sprouted plants. "The longer-range weather forecasts look good. It looks like we're not going to have any bad news at least until we get to the middle of July. There's really a lack of any catalyst that would send [corn prices] higher.