July 6, 2016, 2016
Grain Marketing Specialist
Corn: Down 5
Corn continued its selloff yesterday which carried over into the overnight sessions. This was mostly in sympathy to soybeans but also good growing conditions and another solid crop condition rating. For the fifth week in a row corn came in at a 75% G/E. SD was down 5% with a 68% G/E. MO was the biggest positive change of 4% with a 67% rating.
Soybeans: Down 10
Another double digit lose on yesterday's session which carried into overnight as well. With slower soybean demand, good weather for the next few weeks and also some decent crop conditions ratings push soybeans lower. National average on beans came in a few points lower for the previous week at 70% which is well ahead of where we were at this time last year. SD lost 8% from the previous week of 75% to 67%.
Wheat: Down 5
With a big crop of Winter wheat looking at us mixed in with poor demand and the sell off in the row crops was another negative day yesterday and also overnight. WW harvest seems to be jugging along at 58% complete. This compares to 45% LW and 50% LY. So far yields and quality seem to be decent with protein to be in the 9%-12% range. Spring Wheat ratings was reported at 72% G/E, which was unchanged from last week. Crop is about 74% headed out vs 56% LW 68% LY.