July 29, 2014
Grain Marketing Specialist
Dry conditions have traders watching carefully as we head into some crucial growing stages for these crops.
As of 7:50am 3 lower.
Corn is trading lower this morning. Nationwide G/E ratings dropped 1% to 75% with most states declining except for IA, IL, and MN. SD was down 4 points to 74% G/E. This is the best it has been in the last 10 years. Trade watching Ukraine as weather starts to turn hot and dry.
As of 7:50am 10 lower.
This beans market is give a little take a little. Soybeans are turning lower this morning despite crop conditions coming down 2% and China buying interest. Soybeans are rated 70% G/E best it has been in 20 years at this time. China bought 486,000 tons of soybeans yesterday, of that 420,000 was US beans.
As of 7:50am unchanged.
Wheat is continuing to see pressure. There is just too much, in too good of condition. Crop scouts last week estimated an average yield of 48.6 bushels per acre after finding a largely disease-free spring wheat crop. Crop conditions had little change. Winter wheat harvest is pushing right along at 83% done versus the 80% average. SD is at 27% done versus the 55% average for this time of year. Russia decided to increase their estimate on production by 1 million tons. Argentina is having a tough time planting their wheat crop.