Grain Marketing Specialist
USDA Grain Stocks Report is out June 30th at 11 A.M. CST. This report has the potential to be a very volatile report. Talk with your local Grain Marketing Specialist for advice on what levels to place your targets in preparation for this report.
Crop Conditions report out today at 3 PM CST
Corn Down 4 as of 7:45
July corn closed the week last down 3 ¾ cents, and December closed down 4 cents for the week. The corn market did see some spillover support from the wheat markets last week as well as strength from uncertainty in weather. Eastern MT, and North and South Dakota remain the trouble spots for moisture, while the ECB seems to be getting more than usual amounts of rainfall. Crop Conditions out last Monday put corn ratings down 8% from last year at this time, with South Dakotas rating falling 17% the biggest drop throughout the 18 states the USDA reports on. Reports are also showing no shortage in SA 2nd crop corn production so far either. Argentina second crop corn harvest was pegged at 45% complete and Mato Grosso’s safrinha crop was reported at 5% complete.
Beans Up 2 as of 7:45
July beans closed the week out down 2 ½ cents and November closed up 1 ¾ cents. US soybean weather has showed no real threat at this point with bean producing areas having no real weather issues so far. USDA posted their first round of soybean crop conditions reports last week Monday and conditions came back at 66% good to excellent, this was down 8% from the previous years first report. On the weather side of things, the 10-day forecast is showing a lack of extreme heat in the central and eastern Midwest. So far bean yields are looking like they wont match last years 52.1 bu/ acre but could still be above USDA’s 48.0 bushel estimate.
Wheat Minneapolis Up 5 and Kansas city Up 3 as of 7:45
The wheat complex lead the pack last week with July Minneapolis SW rounding the week out up 36 ¼ cents. July KC WW closed out the week up 22 cents. SW conditions out late Monday put US SW at 45% good to excellent vs 79% last year. WW conditions were posted at 50% good to excellent down 11% from last year at this time. These reports along with the dryness concerns in the Northern plains has added fuel to the wheat markets. WW harvest has moved into southern Kansas this week and early harvest reports have been favorable but freeze damage, hail and mosaic virus have already been noted.