June 16th, 2015
Grain Marketing specialist
Reminder all ballots need to be received by Eide Bailly by 5pm on Wednesday June 17th.
Corn- UP 2 as of 7:45
Corn market traded lower yesterday on favorable weather conditions for the developing corn crop.
Export inspections came back 1.105 mmmt compared to 750 tmt last week. Corn conditions were reported dropped down to 73% good to excellent compared to 74% last week. Corn progress was said to be at 97% this week vs. 91% last week and up from last year at 96%.
Soybeans- UP 5 as of 7:45
Soybeans also traded lower yesterday on favorable weather for crop development, abundant world supply, and soymeal weakness.
The NOPA crush report Monday showed a 1% decrease from April, but a 15.2% increase from last May, this was the largest crush ever for May.
Export inspections were reported at 227 tmt vs. 217 tmt the previous week, and trade estimates of 100-200 tmt. Soybean conditions were reported at 67% good to excellent this week vs. 69% last week and compared to 73% last year. Crop progress report came back at 87% this week compared to 79% last week and 90% last year.
Wheat- Minneapolis UP 6 and Kansas City Up 4 1/2 as of 7:45
Traded lower on continued dismal demand for US wheat and forecast for drier weather pattern for the US southern plains.
Weekly export inspections were reported at 378 tmt versus 312 tmt previously.
Early protein results from 2015 HRW harvest at 12.2 % compared to 13.3% last year.
Winter wheat conditions were at 43% good to excellent this week matching last weeks and up 13% from last year. With 96% of Winter Wheat headed this week up 5% from both last week and last year. Crop progress report also reported that 11% of the Winter wheat has been harvested compared to 15% last year.
Spring wheat conditions were reported at 70% good to excellent compared to 69% last week and 72% last year.