June 21, 2016
Grain Marketing Specialist
Corn: Down 10
The weather forecast calling for more rain throughout the Midwest caused all grains to fall yesterday despite a weaker dollar and stronger crude. That continues this morning as crop conditions are at 75% good/excellent unchanged from last week and well above the 5-year average of 69%. Weekly export inspections were at 48.6 million bushels, right in line with estimates. According to MercoPress, Argentina is expected to increase their corn production by as much as 20% next year which would add an additional 10-15 MMT.
Soybeans: Down 9
Weekly export inspections were at 11.6 million bushels, well above the estimates of 3.7 to 7.3 million bushels. Soybean ratings fell one point to 73% good/excellent this week, versus 67% last year, even with that drop, we still tie the best ever rating on this comparable week since ratings began in 1987.
Wheat: MW Down 2, KC Down 3
Winter Wheat harvest is at 25% completed, and is at 61% good/excellent well above last year’s rating at 41%. Spring Wheat conditions dropped 3 points this week to 76% good/excellent; still above the 5-year average of 72%. Weekly export inspections were at 21.0 million bushels, 4.5 million above the highest estimate. Russian President Putin is expected to visit China this week to sign deals that would allow for Russia to ship wheat as well as build a grain terminal in Siberia.