June 25, 2013
Producer Marketing Manager
Corn: As of 7:45 – Nearby UP 4, NC UP 1
Values were under pressure yesterday as the trade was weighing good weather conditions and an expected improvement in crop conditions. In yesterday’s USDA Progress/Conditions report, we got just that; nationwide, the corn crop improved 1% to 65% G/E. Notable changes were SD (dropping 5%), ND (8% drop in ratings), and IL (+10% increase in ratings). Export inspections released yesterday were 5.8 mbu, we need 12.6/week to get to USDA’s projected export number.
Soybeans: As of 7:45 – Nearby UP 6, NC UP 7
Weaker outside markets and concern over China’s economy pushed beans lower early in the session yesterday. However, buying showed up and recovered to close higher on the day. Soybean ratings mirrored corn conditions as the nationwide Good/Excellent rating improved 1% to 65% G/E. Planting progress is slowly making headway with 92% of the crop planted, this was a little lighter than what the trade had been expecting. Export inspections were surprisingly strong at 7.8mbu. The trade was expecting 1-3. Decent rains again soaking IA, SE MN, WI yesterday. There are 2 million acres of soy estimated to be planted yet in IA, MN, Dakotas, and WI.
Wheat: As of 7:45 – MPLS UP 3, KC UP 3
KC wheat dropped the hardest yesterday (-17) as reports out of KS were touting better than expected yields, lower protein, and rapid harvest progress to be made this week. MPLS market was not down as hard (-6) as ND continued to get more precip to an already late crop. It feels like the lower protein levels out of the southern plains is lending to some support on the HRS market. Export inspections were light at 14.8 mbu, below the estimate of 15-20. Stats Canada report out this morning said Canadian farmers have planted or intended to plant 9.3 percent more wheat this year than in 2012, although the seeded area was below the 26.2 million acres forecast by grain traders and analysts in a Reuters poll.