Corn is trading lower this morning with the September contract hovering just above 4 dollars as forecasts for the week have begun to include rainfall in the eastern Corn Belt that will be helped by the aftermath of Hurricane Beryl.
The USDA’s supply and demand report is upcoming, and the recent stocks data that showed a larger amount of corn on hand will be factored into this report and may be bearish.
The CFTC report will be released this afternoon rather than last Friday due to the holiday, and it is possible that trade will have seen funds as less aggressive sellers as September corn posted a slight gain on the week.
Soybeans are trading sharply lower to start the week as pressure from rainfall expected in the eastern Belt affects beans as well as corn. Both soybean meal and oil are trading lower this morning.
There have been no deliveries so far this month against the July soybean contract while domestic crush demand remains firm. In addition, the July August soybean spread has moved to its highs at 23 cents.
All three wheat classes are trading lower this morning with KC wheat leading the way lower. Pressuring the market are better winter wheat yields than expected in the US and Russian production estimates beginning to rise again.
The export inspections report will be released at 10am this morning and so far, wheat exports have been moving at a good pace. Year to date, inspections are 23.7% ahead of last year.
Ukraine has reportedly harvested 1.62 mmt of wheat as of July 5 and was harvested over 482,200 hectares of land according to the Agriculture Ministry. The country had only harvested 172,000 mt of wheat last year at this time.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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