July corn -9¼ at 641 Expectations in the trade appear to be 60-65% planted by Sunday vs. 5-year average of 80%. Of importance to ethanol, July #11 sugar made a 33 month low today down .7% to 16.83c/lb. CME's new RIN contract traded one contract of D6 RIN yest settling at 80, and today e-rins settled 83.5cpg.
Soy complex held on to gains today as farmers are making great progress, leading some to believe the switch in acres from corn to beans will be marginal. Informa will be out tomorrow with updated acreage estimates. Informa in March was 78.5 vs. 77.126 USDA. There was more chatter in Brazil about another potential port strike. IA biodiesel plants operated at 54% capacity in Q1 of 2013 with 42.7 mln gal of production. 9 out of 12 IA biodiesel plants are said to be operating, as margins are profitable.
July KC wheat futures were lower on the day, down 8 ¼. Sales of 4.6 mbu old crop and 15.3 mbu new crop were solid relative to expectations. HRW at 7.8 mbu total old/new led the way with white's 7.2 mbu a close 2nd. Dryness in Southern Russia and Eastern Ukraine continues to be a production concern. A European analyst participating in a Reuters forum today suggested Russian production at 4.6 mmt below USDA's current forecast and Ukraine at 1.8 mmt below USDA. Western Ukraine has received some maintenance rains as of late. The driest areas look to remain so in the 10 day forecast with some signs of relief in the 11-15 day window.