Grain Marketing Specialist
Corn: As of 7:45- 1 lower
Pressure from the soybean market and the anticipation of crop conditions was the theme yesterday. The condition report was what was expected with overall crop ratings holding steady at 76% good to excellent. Notable declines in both South Dakota -2% and Ohio -6%. Export inspections out at 1,144,317 which was slightly below expectations. An uneventful overnight trade of a 3c range as folks take stabs at crop size.
Soybeans: As of 7:45-5 lower
Weather looked to be the catalyst for 41 1/2 c move lower yesterday. A decent forecast and anticipation of crop conditions fueled the move. Ratings increased 1 % to 72% g/e. No real significant changes to any individual state with SD, OH and KS on the low end. Export sales at 671,154 which was at the low end of expectations. USDA did announce a sale of 391,000 tons yesterday but seemed to not effect a thing.
Wheat: As of 7:45- 1 higher
The wheat market held in well considering rows crops. Solid export inspections of 662,373 exceeding estimates helped the cause. Winter wheat harvest estimated at 89% complete, spring wheat harvest estimated 10% complete with a rating of 68% g/e steady from a week ago. Yesterday did give us here in the area our first look at winter wheat LDP’s.