Grain Marketing Specialist
Corn: As of 7:45- 3 lower
Corn remains in last week’s tight 10c range. News that China has issued a 33.8% import tax on US ddg’s expected to make to make US not competitive any longer. Corn harvest picking up pace as we try to figure out if we are above or below expectations. Heavy rains across Iowa and Minnesota not expected to do much damage. Harvest progress as of yesterday expected to be in the 15-20% complete range in this afternoons estimates.
Soybeans: As of 7:45- 2 lower
The soybean market discarded news of heavy rainfall across much of Minnesota and Iowa noting that losses are likely minimal and isolated. I would imagine that folks in the affected area may think a little differently. Forecast for the next 5 days appears to be open for good progress to be made. Harvest progress this afternoon expected to 10-15% complete. Chinese/US ddg’s affecting the meal market.
Wheat: As of 7:45- 1 lower
Last week’s news seemed relatively limited to Egypt rejecting shipments due to ergot issues and then by the end of the week back in buying Russian wheat. US winter wheat planting expected to be at 30-35% complete in the afternoons report.