Grain Marketing Specialist
July 22, 2015
EIA report out at 9:30AM
Corn: Down 6
Current crop conditions are estimating a yield around 163 b/a. The USDA was 166.8 b/a on the July report. Weather is still going to drive the market until we know exactly what the crop looks like. The 6-10 day outlook is still beneficial for the entire corn belt. SA imports into eastern US calculate out with the high domestic rail freight into the southeast feed market.
Soybeans: Down 4
The USDA announced yesterday that 110 tmt of new crop soybeans sold to unknown. New Crop sales are still way behind the last four years (chart below). The current weather forecast is favorable as the much needed heat will help dry out the wet areas.
Wheat: MW down 6, KC down 5
Yesterday Egypt bought 175 tmt from Russia at $205/mt cost and freight, the US was to uncompetitive to sell with the value of the dollar. Some rumors of elevators getting plugged before going into harvest. Duluth/superior stocks increased 500,000 bushels last week to 16.9 mbu versus 10.3 mbu last year.