July 28, 2015
Grain Marketing Specialist
Corn: 1-5 Lower
A two sided affair on the overnight session to follow up on the largest single loss day for the corn market as corn traded down 19.5 cents yesterday as weather improves across the cornbelt. USDA crop progress and ratings saw a 1% shift from fair to the good to see +1 in the G/E, silking is 78% vs. 77% 5 yr aver.. Corn at dough stage is at 14% vs. 17% on aver. SD corn crop did drop 1 point. Yields are being estimated from 161-166bu/ac.
Soybeans: 5-10 higher
Turn around Tuesday it is as beans had double digit gains on the overnight session following a disastrous day yesterday where beans closed down 30. Not much change in the Crop Condition scores for the beans as USDA say 62% of beans are G/E, unchanged from last week, with 34% setting pods and 71% blooming, near the seasonal average. Estimated yields are around 42-43bu. China’s economy showed some stability in the overnight but we are still not competitive with SA beans…
Wheat: 3-5 Better
Wheat was a reluctant follow of corn and beans yesterday and refuses to see new contract lows in the overnight. The market is not long wheat like we are in corn so we could continue to see some strength in the wheat market. But US wheat is still at a premium to the world market which causes a problem for the exports. We are nearly wrapped with the WW harvest as USDA is calling 85% complete nationally. SD is about mid way through. Spring Wheat harvest is just getting going at around 7%. Crop conditions were up 2% on Sp. Wheat in ND but fell 5 points in SD.