Grain Marketing Specialist
Corn: As of 7:45- 2 lower
A warmer/drier 6-10-day forecast seemed to be the catalyst for yesterday’s move higher. July settled 9 higher, with Dec settling 10 ¼ higher. Export inspections at 1,067,513 MT, another solid week. Planting progress at 98%, 90% emerged, and ratings at 75% G/E up 3% for the week. Funds estimated buyers of 10,000 yesterday bringing estimated net long of over 190,000.
Soybeans: As of 7:45- 3 to 6 higher
Much of what supported corn did the same for soybeans yesterday, hot/dry forecast having many wonder if this will continue into the summer months. For now, planting progress estimated at 83% ahead odf5 yr. ave. of 77%, 65% emerged and condition estimated at 72%. Export inspections at 98,378 MT which adds to the idea that USDA will increase exports in Friday’s S/D report. Path of least resistance seems to be higher again this morning.
Wheat: As of 7:45- 2 lower
The wheat market seemed to shrug a favorable harvest weather forecast yesterday and last night as row crops seem to add support. Export inspections a little disappointing at 390,185 MT. Winter wheat estimated at 91% headed, 16% harvested, and rated 72% G/E. Spring wheat estimated at 96% emerged and rated 79% G/E. Mixed overnight with a favorable harvest forecast weighing on things.