Corn is trading lower to start the day after yesterday’s bullish reversal in December futures. Despite good export demand and oversold technicals, traders are focusing on the good weather and strong crop conditions.
Yesterday’s Crop Progress report saw corn ratings unchanged at 74% good to excellent. Historically, crop conditions above 70% in July point to final yields above trendline. 34% of the crop is silking and 7% is in dough stage.
Yesterday’s export sales report were good for corn at 1,287k tons which compared to 1,564k the previous week and 1,100k tons a year ago at this time. Top buyers were Mexico, Japan, and South Korea.
Soybeans are trading lower with both August and September futures below $10.00 and the November contract only 4 cents above that level. Yesterday’s lows have not been taken out. Both soybean meal and oil are trading lower as well.
Yesterday’s Crop Progress report saw soybean crop ratings improve 4 points from last week to 70% good to excellent. This was also 2 points higher than last year at this time. 47% of the crop is blooming and 15% is setting pods.
Yesterday’s export sales report saw soybean sales on the poor side at 147k tons which compared to 400k the previous week and 175k tons a year ago. Top buyers were Mexico, Egypt, and Japan.
All three wheat classes are lower to start the day as crop conditions for spring wheat improved and the winter wheat harvest continues. September Chicago wheat futures are currently trading at support levels.
Yesterday’s Crop Progress saw spring wheat good to excellent ratings improve by 4 points to 54%. This is still far behind last year’s 77% at this time. The winter wheat crop is now 63% harvested compared to 53% last week.
Export sales were within trade estimates yesterday at 440k tons which compared to 522k the previous week and 622k tons a year ago at this time. Top buyers were Mexico, the Philippines, and Republic of South Africa.
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.
