July 25, 2017
Grain Marketing Specialist
Corn: down 3
It was an interesting trade in the overnight as corn gapped on the open above all of the major moving averages hitting a high of 3.97 last night and we have since slid back down below those key Moving averages. It could very well be a wild ride in the commodity markets over the next few weeks through pollination. This is would be a good time to have your targets in and working. Yesterday’s USDA crop conditions report came out giving us a 2% decline G/E corn is 62%. Take a look at the map below. Export inspections out yesterday morning came in at 935 TMT right with in the expected range. Professional crop scout Mike Cordonieer has lowered his nationwide yield estimate to a 163.5 BPA, a lot of the trade is estimating a 165-169 BPA yield.
Soybeans: up 7
BIG open for the beans, the new crop bean contract opened at 10.25 trading up to as high as 10.35. Yesterday’s crop conditions report was more of a surprise then most thought it would be. Bean conditions dropped 4% came in at 57% G/E rating. Although the market has slipped back off of last night’s highs. With the recent rains across Iowa, Illinois, Indiana, and Ohio along with a cooler week bean conditions could very well improve in next week’s report. Beans are made in August, so again the next month is expected to be a roller coaster. Export inspections came it at 596 TMT, this was above USDA expectations. Professional crop scout Mike Cordonieer lowered his bean yield estimate by 1 BPA to 46.5 BPA.
Wheat: Mpls down 16 KC down 3
Minneapolis wheat starting to grind a bit lower as spring wheat harvest sneaks up on us over the next couple of weeks. The Wheat Quality Council spring wheat tour starts today. We will be watching for their yield estimates as they travel across the Midwest. Export inspections came in at 461 TMT right in line with USDA expectations. Wheat conditions dropped 1 point to 33% G/E. It will likely stay around that percentage as the crop is all but matured. Winter Wheat harvest is 84% complete as compared to 80% last year.