Corn is trading lower again to start the day after the Crop Progress report showed corn ratings remaining impressive. December corn is trading back below all major moving averages.
Yesterday’s Crop Progress showed corn ratings unchanged at 74% good to excellent which compares to 67% at this time a year ago. 56% of the crop is silking and 14% is in dough stage.
There have been recent reductions in area on the drought monitor, but both the 6-10 day and 8-14 day forecast show below normal precipitation throughout the Southern half of the Corn Belt which will be accompanied with above normal temperatures.
Soybeans are lower this morning despite a decline in crop ratings, and the November contract is hovering just below all its major moving averages. Both soybean meal and oil are lower as well.
Crop ratings for soybeans fell by 2 points from last week to 68% good to excellent which is on par with this time last year. 62% of the crop is blooming and 26% is setting pods.
Yesterday’s export inspections for soybeans were decent for this time of year at 365k tons which compared to 151k last week and 338k a year ago. Top destinations were to Germany, Mexico, and Egypt.
Wheat is trading lower along with the rest of the grain complex, but its losses are more mild than those in corn and soybeans as crop conditions slipped again. The wheat quality tour is starting today and may reveal a damaged crop.
Yesterday’s Crop Progress report showed a reduction in the good to excellent rating for spring wheat. Ratings fell by 2 points to 52% which compares to 77% last year at this time. 86% of the spring wheat crop is headed. The winter wheat harvest is now 73% complete which is on par with the average pace.
Yesterday’s export inspections were good for wheat at 732k tons which compared to 445k tons last week and 291k a year ago. Top destinations were to Nigeria, Mexico, and Indonesia.
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