Grain Marketing Specialist
Corn: As of 7:45- steady
Monday brought us weakness across the trade and corn was no exception. Harvest and a forecast that looks favorable for harvest progress for the next 5 days weighed on the market. USDA pegged harvest progress at 15% complete vs. 5yr ave. of 19% and last yr. of 16%. Rating held steady at 74% g/e. This was right in line with what most expected. Export inspections were out at 1.335 mmt, up from last week’s 1.296 mmt.
Soybeans: As of 7:45- 2 higher
As with corn, soybeans settled down on harvest pressure and ideas of a big crop. Export inspections soft at .383 mmt, down from last week’s .756 mmt. USDA did announce a sale of 240,000 tons to unknown. Harvest progress pegged at 10% complete vs. the 5 yr ave. of 13% and last of 17%. Notable delays in Iowa. Ratings held steady at 73% g/e. Big harvest progress expected to made this week.
Wheat: As of 7:45-1 higher
Wheat closed lower on spillover pressure from row crops yesterday. Export inspections at .875 mmt, up from last week’s .574 mmt. Winter wheat planting estimated at 30% complete right in line with the 5 yr ave. and last yrs. pace of 28%. I have support for MWZ6 at 4.93 with resistance at 5.09.