Grain Marketing Specialist
Corn: As of 7:45- 7 lower
Corn managed to shrug off its early weakness to close near the high end of the daily range despite outside pressure from a sharp selloff in the crude oil market. Export inspections at 33mb in line with expectations. Crop conditions improving slightly 1% to 69% g/e on the first week of dry weather we have seen in some time. Many looking for a 1-2% drop which seems to have softened things overnight. SD, NB, and MN all seeing 2-3% increases.
Soybeans: As of 7:45- 5-6 lower
A firm $ and weak crude market kept this market on the defensive yesterday into last night. Planting progress at 96% vs LY at 100% and the 5 yr ave of a 100%. This leaves nearly 3.5 million acres yet to be planted…. Ratings held steady at 63% g/e with many believing we would see a point or 2 drop. Export inspections a stout 7.3 mb vs. 3.9 needed. Technically this market has not yet flipped over but is looking a little toppy as we await USDA data later in the week.
Wheat: As of 7:45- 6-8 lower
The wheat market on its own yesterday in positive territory on a deteriorating crop in France, Russia and Canada. Export inspections in line with expectations at 13.6 mb. Winter wheat harvest reported at 55% complete as harvest progresses north. SRW progress not quite so brisk. Spring wheat rating dropped 2% to 70% g/e.