Corn prices struggle at midday, pressured by beneficial rainfall over night in South Dakota, Minnesota, and Iowa. December corn futures could look to retest the contract low of $4.0750 with limited upside potential for the foreseeable future.
Monday’s Crop Progress report showed corn ratings falling 1 point from last week to 73% good-to-excellent. This compares to 68% good-to-excellent the same week last year.
AgRural estimates that Brazil’s corn harvest is now at 68% complete, which is well below last year’s pace of 91% done at this time.
Soybeans remain lower at midday, pressured by crop ratings improving and lack of news regarding US/China trade talks .
Yesterday’s Crop Progress report showed soybean ratings improve 2 points to 70% good-to excellent. This is above last year’s 67% good-to-excellent rating for the same week.
China is facing a surplus of soybean meal which has led to concerns over demand from the world’s largest buyer. China has not yet purchased any Q4 cargoes which is concerning given that is the heaviest marketing timeframe for the US.
All three wheat classes are weaker at midday on pressure from global harvest and a rising dollar which just hit a one month.
Spring wheat conditions fell 3 points to 49% good-to-excellent. Winter wheat harvest is pegged at 80% done which is just behind the 5-year average for the same week at 81% complete.
Conab estimates that 96.9% of Brazil’s wheat crop has been planted as of July 19 which is on pace with last year and the 5-year average.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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