Corn futures are trading both sides of unchanged this morning and have remained in a tight range so far this week just below Friday’s high.
Export inspections are now running 31% ahead of last year’s pace. Another daily flash sale announcement to Mexico yesterday and tightening basis levels around the Corn Belt are all friendly signs to the corn market.
The USDA reported corn harvest was 95% complete as of Sunday. This is 9% ahead of last year’s pace and 11% ahead of the 5-year average.
Soybeans are trading lower this morning after a tough start to the week. Lower world vegetable oil prices as they retreat from recently overbought conditions have been a weight on US soybean oil futures as well as soybeans.
With US soybean prices remaining at a steep discount to Brazilian soybean futures for export though the end of the year, US soybean exports should find favor from world soybean buyers.
The USDA reported harvest progress was 96% complete as of Sunday. This is likely the final crop progress report for soybeans of the year.
All three wheat classes are trading lower this morning after breaking nearby support to start the week.
US winter wheat conditions improved by 3% last week to come in at 44% good to excellent. Last week’s rains have improved conditions, recent price action is likely reflecting this beneficial moisture.
EU soft wheat exports in the season that started July 1 have totaled 8.7 mmt, this compares to 12.3 mmt a year ago.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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