Corn is lower to start the day after yesterday’s trade that saw prices lower before reversing and ending the day higher. Yesterday’s stock market selloff ended up benefitting grains as money left equities and funds took the opportunity to cover shorts.
Yesterday’s export inspections in corn of 1,213k tons put total inspections for 23/24 up 36% from the previous year. This also compares to 1,070k the previous week and just 388k a year ago.
Yesterday’s Crop Progress Report showed corn good to excellent ratings falling by 1 point from last week to 67% and compares to 57% a year ago. 88% of the crop is silking, 7% is dented, and 46% is doughing.
Soybeans are trading lower this morning and so far have given back all of yesterday’s gains that were a result of short covering. The stock market seems to be recovering slightly today after overdoing it yesterday which could put the focus back on good crop ratings and weather.
Yesterday’s export inspections in soybeans of 261k tons were on the lighter side and have total inspections for 23/24 down 15% from the previous year. This number compares to 409k tons last week and 291k a year ago.
Yesterday’s Crop Progress showed soybean ratings improving by 1 point to 68% good to excellent despite the recent dryness. 59% of the crop is setting pods which compares to 44% last week and 86% of the crop is blooming which compares to 77% last week.
All three wheat classes are trading lower this morning, but futures have been trending higher overall since making their contract low on July 29. Yesterday, wheat was pressured by the stock market and did not react very strongly to the sharp decline in the US Dollar.
Yesterday’s export inspections for wheat came in at 441k tons and put total wheat inspections for 24/25 up 16% from the previous year. This compares to 454k tons the previous week and 319k tons a year ago.
Yesterday’s Crop Progress showed spring wheat good to excellent ratings unchanged at 74% and the crop 6% harvested which is slightly below the 5-year average of 9%. 97% of the spring wheat crop is headed. In winter wheat, 88% of the crop is harvested which compares to 82% last week and the 5-year average of 86%.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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