June 30th, 2015
Grain Marketing Specialist
Reminder: USDA Grain Stocks and Planted Acres Report out today at 11am.
Corn trade is steady this morning as traders await today’s report. Crop progress reports, yesterday, showed corn conditions dropping 3% to 68% good to excellent. USDA also noted that pollination is off to a slow start in Illinois and Indiana. Export inspections report exceeded trade guesses with 41 million bushels being reported.
Soybeans are lower this morning on follow through selling. Crop condition reports suggested that soybeans fell 2% to 63% good to excellent. Planting progress is at 94% compared to 95% this time last year. Missouri is at 62% complete vs 94% this time last year. Export inspections came in at 10.9 million bushels. This is keeping in line with USDA predictions. Trade is guessing there will be an increase in SB acres when the report comes out today.
Wheat is also backing off some this morning. Crop conditions reported, yesterday, showed an increase in hard winter and spring wheat areas, but backing off some in the soft wheat areas. Winter wheat is 38% harvested. Export inspections reported were at 11.6 million bushels. This was better than expected, but we are still behind. Elsewhere in the world, hot weather has German wheat potentially losing yield, while Russia and Kazakhstan are benefiting from mild weather. Australian wheat is also turning somewhat drier.