Corn trades slightly lower at midday on improved corn ratings.
Monday’s Crop Progress report showed corn ratings improving 1% to 65% good-to-excellent. Harvest continues to progress as well, jumping 4% from a week ago to 9% complete.
Harvest progression and Mississippi River transportation problems could fuel further weakness in prices in the short-term.
French corn production forecast was raised from 14.01 mmt last month to 14.38 mmt.
Soybeans are trading higher at midday on doubts of record yields after 11 of 18 states reported worse good-to-excellent ratings.
In Mondays Crop Progress report, soybean ratings were seen falling 1% to 64% good-to-excellent with 6% of the crop harvested.
NOPA crush for the month of August came in well below expectations at 158 mb, down 13.5% from July and 2% from last year.
Soybean oil is higher at midday after bean oil stocks came in well below expectations at 1.138 billion pounds in yesterday’s NOPA crush report.
Chicago and Kansas City wheat pull back at midday on technical resistance and reports of tensions between Russia and Ukraine easing. Minneapolis wheat is slightly higher.
HRS harvest is 92% complete, up 1% from a year ago. Winter wheat planting also improved 1% from a year ago to 14% complete.
The French Ag Ministry lowered their SRW harvest projection from 26.3 mmt last month to 25.8 mmt.
Dry weather in Ukraine continues to present challenges for planting. Ukraine sowing is just 6.9% versus 11.8% a year ago.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
