August 1, 2017
Producer Marketing Manager
CORN: As of 7:45 – Down 2
Corn conditions yesterday dropped by 1 in the Good/Excellent category and is now at 61% G/E. Per the chart below, for this week the 2017 crop is the second lowest rated corn crop in the last 10 years……second only to 2012. It feels like the market would have traded higher if not for the improvement in soybean conditions. Export inspections out yesterday were towards the upper end of estimates at 38.9 million bushels loaded, ahead of the 28.9 needed for the next 4 weeks in order to hit USDA’s export forecast.
SOYBEANS: As of 7:45 – Down 14
Overnight soybean markets are reacting to a somewhat surprising uptick in ratings in yesterday’s Crop Conditions report. Notable changes were ND(-7), IA(-2), and KS (-4). IL improved 7% on the week. Some chatter in the marketplace of Brazilian bean cargos getting sold by Chinese buyers…..some already landed in China and others due in August. Export inspections were mediocre this week at 17.5 million bushels.
WHEAT: As of 7:45 – MPLS Up 4, KC Up 1
There has been beneficial rains for the Australian wheat areas this week. Weekly conditions on HRS dropped another 2 points. SD was unchanged at 8% G/E. ID was down 10 and MT was down 4 and is now at 9% G/E. Harvest is just getting a good start and is pegged at 9% harvested. HRW harvest is reported at 88% complete, just ahead of the 5 year average. Wheat export loadings were good at 21.3 million bushels, of that 9.6 was HRW, 4.8 was HRS, and 5.2 was Soft white.