Grain Marketing Specialist
July 21, 2015
Corn: down 2
Weather is still the driving factor, the extended forecast should benefit the entire corn belt. The export inspections were above the trade guess (29.5 million bushels) at 45.7 million. However Funds sold an addition 17,000 contracts yesterday to put more pressure on prices. Crop condition reported 69% Good/Excellent, unchanged from last week.
Soybeans: Up 1
Crop conditions for beans were also unchanged from last week at 62% Good/Excellent. 17% of beans are setting pods, which is in line with the 5 year average, but behind last year’s pace of 18%. Export inspections came in at 11.3 million bushels, well above the estimates. Chinese soy imports for June were the second biggest month total ever at 8.09 million tons, Brazil shipped over 80% of that.
Wheat: MW up 1, KC down 1
Export inspections came in above the estimate (9.3 million bushels) at 18.0 million bushels. The value of the dollar and rumors of space problems in certain areas as harvest moves north contain to wane on prices. Winter wheat harvest is 75% complete. World wheat carryout to use ratio is at a 6 year high. Spring wheat conditions dropped one percent from last week at 70% Good/Excellent.