Corn is trading lower this morning as improving forecasts and expected large production pressure futures despite strong export demand.
Yesterday’s Crop Progress report saw corn good to excellent conditions falling 1 point from last week to 73%, but it is above last year’s 68% at this time. 76% of the crop is silking and 26% is in dough stage.
Yesterday’s export inspections were good for corn at 1,522k tons which was above the average trade guess and compared to 985k last week and 1,071k a year ago. Top destinations were to Japan, Mexico, and Colombia.
Soybeans are lower to start the day as a result of improving crop ratings and more moderate temperatures coming in August along with better chances for rain. Both soybean meal and oil are lower as well.
The Crop Progress report saw good to excellent ratings for soybeans improve by 2 points from last week to 70% good to excellent. This compares to 67% last year at this time. 76% of the crop is blooming and 41% is setting pods.
Yesterday’s export inspections were decent at 410k tons which compared to 377k last week and 409k a year ago. Top destinations were to Egypt, the Netherlands, and Mexico.
All three wheat classes are lower this morning despite yesterday’s bullish Crop Progress report. The dollar is higher which could be pressuring wheat, and the Australian wheat crop’s conditions have reportedly improved.
Yesterday’s Crop Progress report saw spring wheat crop conditions fall 3 points to 49% good to excellent with 92% headed and 1% harvested. Winter wheat is now 80% harvested.
Yesterday’s export inspections were poor for wheat at 289k tons which compared to 732k last week and 468k tons a year ago. Top destinations were to Nigeria, Japan, and Mexico.
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