June 23, 2015
Producer Marketing Manager
Follow through buying overnight after yesterday afternoon’s crop progress/condition report confirmed lower ratings.
CORN: As of 7:45 – Up 1
Nationwide corn conditions dropped 2% in the Good/Excellent category, with the big changes coming from the eastern corn belt. OH (-19), IN (-15), and IL (-6) all dropped versus last week. SD bumped 2% with the decent temps and additional rainfall that was beneficial for some, not all….. Export inspections released yesterday were a robust 43.5 million bushels as shipments to Japan surge to 18.4 mbu, also strong showing for Taiwan and South Korea of nearly 8 million bushels.
SOYBEANS: As of 7:45 – Down 2
Soybean planting progress continues to lack in MO and KS and to some extent in NE and IL. Some are figuring nearly 8 million acres yet to be seeded. Crop ratings also declined 2% nationwide, in similar fashion to corn in OH, IN, and IL. SD was also 2% better on soybean ratings. Nov futures tested the 200 day Moving Average overnight before trading lower……the $9.67 ½ mark was the highest we’ve traded since early April!
WHEAT: As of 7:45 – Up 4
Winter wheat harvest progress is dragging on with the wet weather experienced in the southern plains. Many HRW remain behind, but anticipate decent harvest progress over the next few days. Interesting to note the slow pace of Soft Red Winter(SRW) wheat harvest in MO, and IL where they typically follow up with double crop soybeans…….will the delays in harvest and wet conditions leave some double crop soybeans unplanted???? Spring wheat ratings continue to improve and remains ahead of schedule.