Grain Marketing Specialist
July 20, 2015
Corn: down 9
Weather forecast is beneficial for crops in the eastern corn belt. The 6/10 day is warmer and drier in the east, which should help with tasseling and pollination. Today’s crop condition ratings are expected to be steady or up one point from last week’s 69% good/excellent rating. Funds also sold 14,000 contracts on Friday driving prices lower. Corn is now at 3 week lows; Dec support level is at 419.50.
Soybeans: down 14
Export inspections are released at 10 AM: 7.5 needed to keep on track with USDA; 4.9 last week. Weather is helping improve beans with wet feet. Crop conditions for soybeans are also expected to be steady or up one point from last week’s 62% good/excellent rating. Last year this week G/E ratings were 73%.
Wheat: MW down 9, KC down 11
US supplies are still ample even though quality can be argued in certain areas. U.S. winter wheat harvest estimated at 70-75% vs. 74% last year. Some areas of Canada received rain over the weekend helping out the really dry regions. The US dollar is at 3 month highs and will pressure the export market.