Corn is trading slightly lower to start the day after December had its lowest close ever yesterday and made a new contract low again overnight. Trade is still expecting a large crop as ratings have remained firm.
Yesterday’s Crop Progress report saw crop ratings for corn unchanged from last week at 73% good to excellent which compared to 67% a year ago at this time. 88% of the crop is silking, 42% is in dough stage, and 6% is dented.
Yesterday’s export inspections were once again solid for corn at 1,208k tons which compared to 1,532k last week and 1,272k a year ago.
Soybeans are higher to start the day, but the November contract still struggles with resistance at the $10 mark. A close above $10 would be bullish and would make that level new support. Both soybean meal and oil are higher as well.
Yesterday’s Crop Progress report saw soybean ratings fall one point from last week to 69% good to excellent, but trade expected this. 58% of the soybean crop is setting pods and 85% is blooming.
Yesterday’s export inspection report saw soybean sales still sluggish but ahead of last week at 613k tons. This compared to 428k last week and 267k a year ago.
Wheat is mixed this morning with Chicago and KC slightly lower while Minneapolis trades higher. Weather in Russia and Ukraine could start to lean drier which could cut yield potential.
Yesterday’s Crop Progress report saw spring wheat crop ratings fall by 1 point from last week at 48% good to excellent. 95% of the spring wheat crop is headed and 5% is harvested. 86% of the winter wheat crop is harvested.
Yesterday’s export inspections were decent for wheat at 600k tons which compared to 290k tons the previous week and 471k a year ago at this time.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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