Grain Marketing Specialist
USDA REPORT OUT @ 11:00 AM. DO YOU HAVE YOUR TARGETS IN?
Corn as of 7:45- Down 1
National good/excellent conditions on US corn was steady at 73% good/excellent vs. 64% last year. Talk of Brazil moving from 25 to 27.5% ethanol blend rate into domestic gasoline; however private estimates believe the timing of the extra 2.5% demand may not occur until April 2015. Cuba has gotten into the ethanol export act shipping 3 million gallons to S Korea for Sep loading. US ethanol exports remain a key fundamental to help keep inventories in check as the US driving season comes to an end. Corn Silking: 96%. 5-year avg. 95%. Corn Dough: 54%. 5-year avg. 46%. Corn Dented: 11% 5-year avg. 16%. Below is the 5 forecasted precip map.
Beans as of 7:45- Down 4
Beans dropped 1% to 70% G/E. Great rains for filling pods occurred in 2/3 of NE and parts of N KS, NE SD, and WC MN over the weekend which kept pressure on new crop futures. . US stocks are tight and the farmer isn’t selling their old crop in North America or Argentina. China has positive crush margins for new crop US beans and a few cargoes traded late last week. Soybeans Blooming: 92% 5-year avg. 91%. Soybeans Pod Setting: 72% 5-year avg. 65%.3
Wheat as of 7:45-MW Down 3 KC Down 6
The tension levels continued to drop over the weekend for Russia/Ukraine. That along with heavy shipping and weaker Black Sea values pressured futures. Russian exports for July at 2.4mmt will be a record. Winter harvested at 95% up 4% with Spring at 6% up 1% compared to 21% average.