Morning Market Insight
07/13/15
Cutter Murray
Grain Marketing Specialist

Corn as of 7:45- Down 1
USDA Crop Progress: Good/Excellent crop condition ratings for U.S. corn could be up one point or down one point vs. last week’s 69%. Ratings for same week last year were 76%. The 5-year avg. for corn silking is approximately 34%.USDA Supply/Demand report left the 2015 U.S. corn yield unchanged vs. June at 166.8 bpa, with projected ending stocks for 15/16 forecast at 1.599 bbu vs. the average trade estimate of 1.508 and compared to 1.771 last month. December 2015 corn futures closed at $4.45 Friday the highest settlement price for the contract since July 3, 2014!

Soybeans as of 7:45-Down 7
USDA Crop Progress: Good/Excellent crop condition ratings for U.S. soybeans could be up one point or down one point vs. last week’s 63%. Ratings for same week last year were 72%. 5-year avg. for soybeans blooming approximately 34%.USDA Supply/Demand report left the 2015 U.S. soybean yield unchanged vs. June at 46.0 bpa, with projected ending stocks for 15/16 forecast at 425 mbu vs. the average trade estimate of 378 and compared to 475 last month. Continuing rumors of China possibly overbought and deferring cargos. Imports in June were 8.09mmt, up 26.6% from previous year—2nd highest on record.

Wheat as of 7:45-MW-Down 5 KC-Down 4
USDA Supply/Demand report: 15/16 world wheat carryout--219.8 MMT, up 17.4 v. June due to lower China feeding USDA Crop Progress: U.S. winter wheat harvest est. at 65-70% vs. approx. 67% last year and 68% for the 5-year avg. US harvest was slowed by rain over the weekend