Grain Marketing Specialist
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Corn Down 2 ¾ as of 7:45
July corn closed the day Monday up 3 ¼ cents at $3.9775 and the December contract ended the day Up 3 cents at $4.0275. Corn posted strong export inspection numbers yesterday morning at a touch above 1.0 MMT at 1.07MMT. USDA Crop Progress Report put percent corn planted in the US at 86% planted up 11% from last week. Corn emerged was pegged at 60% this week vs 43% last week.
Beans Down 14 as of 7:45
Poor export inspection numbers, more favorable planting weather, weaker Brazilian currency and fund profit taking put the pressure on beans Monday. July beans ended the day down 15 ¾ cents at $10.5850 November beans ended the day at $10.3625 down 13 ¼ cents. Export inspection numbers were terrible this week posting the lowest number of the year at 77 TMT. USDA Crop Progress report yesterday put US soybean planting at 56% up 20% from the previous week with 22% emerged.
Wheat Minneapolis Down 1 ¼ Kansas City Down 2 ¼ as of 7:45
Abundant supply, and a favorable weather forecast for the Southern Plains and the eastern Midwest, put the pressure on the wheat markets yesterday. July Minneapolis wheat ended the day down 4 cents and July Kansas City wheat ended the day down 2 cents. USDA Crop Progress report put Spring Wheat planted at 95% and Spring wheat emerged at 78%. Winter Wheat headed was pegged at 75% vs 68% last week.