May 27, 2015
Grain Marketing Specialist
Corn: Down 2
Corn was lower yesterday with a stronger dollar, good weather forecast and weakness in wheat. Export inspections were slightly above trade guess at 39.6 mil bu, with most of that going to Japan. Planting progress is at 92% complete, only 4 points above the 5 year average. Kansas, Missouri and Texas are the states mostly behind pace. This week was the first look at condition ratings; it’s at 74% good/excellent, the record of 81% was set in 1991 and 1987. Weather continues to look good as the 6-10 day forecast is warmer and drier.
Soybeans: Up 2
South American beans continue to out price US beans as the dollar rallied 1.25% and the Real fell 1.4% yesterday. Soybean export inspections were also solid coming above the trade estimates at 10.7 mil bu. Soybean planting gained 16 points since last week and still well above the 5 year average of 55%. An estimated 40.7 million birds have been affected from the flu outbreak since the first report on December 19th.
Wheat: MW down 9; KC down 10
Ample global wheat supplies and stronger dollar caused wheat to be exceptionally lower even though US quality is still a major concern with the wet conditions in the south. Export inspections were also above trade estimates on wheat at 15.4 mil bu. Spring Wheat is just about wrapped up at 96% complete and conditions improved 4% over last week. Winter Wheat conditions were steady from last week at 45% and also 77% headed out. All three July contracts are once again below their 50 day moving averages as technicals turn negative.