July 18, 2017
Grain Marketing Specialist
Corn: As 7:45 up 12
We saw a mixed trading session in corn yesterday, as corn struggled for the most part of the day and closed down 1 on both Aug and Dec contracts. We are seeing double digit gains on the overnight as we are back to trading hot weather and a 6-10 day forecast that remains hot and dry. Export inspections came back positive as they were in to keep us around 14 million bushels ahead of USDA pace. Crop conditions came in at 64% G/E which compares to 65% LW. SD drop in the rates as they are at 30% vs 37% LW. Other areas were ND at 45%, MN 79%, and Iowa at 71%. We have about 11% poor to very poor. The Dakotas having the largest amount.
Soybeans: As of 7:45 up 14
Bean complex had a similar story as corn, mixed early but found some strength about mid-session, but lost steam later in the day. Both Aug and Nov contracts were down 4. We are seeing double digits gains in the beans this morning with Aug and Nov contracts up 14. We are trading back into a weather market once again. NOPA Crush data yesterday was 138.074 million bushels but the trade was looking for 143.1. This is a 7% drop from last month, a 5% drop from last year, and the lowest total since September. Crop conditions fell a percent as we go to 61% as the crop is going backwards but we still have time as August makes beans.
Wheat: As of 7:45 Minny up 21, KC up 9 3/4
Wheat complex was mixed yesterday as Spring closed strong up 9, but KC could not follow with a disappointing close, down 4. On the overnight, we seen wheat do the same song and dance as the row crops as weather is the driver. Spring Wt. had a strong showing as Sept was up 21 as weather across ND, SD and Mt. turn hot. Crop conditions came out on Spring Wt as expected at 34% G/E KC turned things around on the overnight as Sept was up 9 ¾. Both Canada and Australia turn dry as well. Word is Aussie wheat production will be down 190-20m tonnes.