August 4, 2015
Grain Marketing Specialist
Keep on the radar…USDA Crop production report next Wednesday, August 12th
CORN- Up 3
Corn futures finished lower on Monday as corn export inspections were near the low end of trade expectations at 39.2 mln bushels. Corn conditions remained at 70% G/E this week as South Dakota’s conditions improved 1% to 76% G/E. According to the USDA 29% of the nation’s crop is in the dough stage, this compares to 33% at this time last year. Weather continues to look favorable for crop development as corn is beginning to dent in parts of Illinois. Nearby support for September corn can be found at $3.52 and at $3.625 on the December contract. Below is a look at the day chart for September corn.
SOYBEANS- Up 10
Beans were down as much as 12 cents on Monday before finishing down 5 cents on the day. Soybean conditions improved 1% nationally in Monday’s report to 63% G/E. South Dakota’s condition rating remained the same at 76% G/E. The percentage of soybeans setting pods nationally was on par with last year at this time at 54%. Weekly export inspections were reported at 5.5 mln bushels, which was ahead of the 3 mln bushels needed weekly to reach the USDA forecast. Nearby support for November futures can be found at $9.31.
WHEAT- Minneapolis Up 2, Kansas City Up 3
Weekly export inspections were towards the lower end of expectations at 10.9 mln bushels. We need 18 mln bushels weekly to reach the USDA forecast. Spring wheat conditions were reported at 70% G/E, which was a 1% drop from last week. Spring wheat conditions in South Dakota were estimated at 62% G/E, a 5% increase from last week. Harvest progress on spring wheat is estimated at 8% complete while winter wheat harvest is estimated at 93% complete.