Corn is trading higher this morning after yesterday’s lower trade. The first look at crop conditions was poorer than expected adding some support, but July corn has struggled to trade above the 200-day moving average.
Yesterday’s Crop Progress report saw the first crop ratings of the year at 68% good to excellent which was below the trade guess of 73%. 87% of the crop has been planted and 67% is now emerged.
After substantial rains last week, the forecast for this week is very light for most of the Corn Belt which should give producers a good opportunity to get planting wrapped up.
Soybeans are trading lower to start the day but remain relatively rangebound and above all major moving averages. Yesterday, gains in palm and soybean oil were supportive while export inspections were slightly bearish. Today, soybean meal is lower while bean oil is higher.
Yesterday’s Crop Progress report saw the soybean crop 76% planted which compared to 66% last week and the 5-year average of 68%. 50% of the crop has emerged, and good to excellent ratings will likely come within a few weeks.
Yesterday’s export inspections came in at 195k tons for soybeans which compared to 225k tons the previous week and 223k tons a year ago at this time. Primary destinations were to Egypt, Mexico, and Taiwan.
All three wheat classes are trading higher to start the day after yesterday’s sharp sell-off. Yesterday’s move may have come from rain in China’s previously dry Wheat Belt along with rain in dry parts of the EU.
Yesterday’s Crop Progress for winter wheat showed crop conditions falling by 2 points to 50% good to excellent which compared to 48% a year ago at this time. 75% of the crop is headed which compared to 64% last week.
For spring wheat, the first crop ratings were released at 45% good to excellent which was significantly lower than the average estimate of 70%. 87% of the crop has been planted and 60% is not emerged.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
