Corn is trading slightly higher this morning after Tuesday’s push higher. Strong export inspections reported to start the week and strength in the wheat complex provided support.
With yesterday’s push higher December corn futures are now trading above the 50-day moving average. Since late May December corn has traded below the 50-day.
The U.S. corn crop was rated 65% good to excellent as of September 1, this was unchanged from last week and 12% higher than this same week last year.
60% of the U.S. corn crop was dented as of September 1, this was up 14% from last week and is 2% ahead of the five-year average.
Soybeans are trading lower to start Wednesday morning after Tuesday’s push higher to start the shortened trading week.
Tuesday brought the announcement of another new-crop soybean sale to China of 4.85 million bushels. Rumors also circulated that an additional six to nine cargoes of US soybeans have been recently purchased by China.
The U.S. soybean crop was rated 65% good to excellent as of September 1, this was down 2% from last week and 12% higher than this same week last year.
13% of the U.S. soybean crop was dropping leaves as of September 1, this was up from 6% a week ago and 3% ahead of the five-year average.
All three wheat contracts are trading higher this morning after Tuesday’s surge in wheat futures across the board.
The U.S. Spring wheat crop was 70% harvested as of September 1, this was up from 51% last week and in line with the five-year average.
KC wheat futures were higher for a sixth consecutive session Tuesday following French milling wheat futures higher once again. Continued short covering by the managed money funds appears to be the main catalyst for the recent move.
Chicago wheat futures traded to their highest level in three weeks to start this week and above their 50-day moving average, a level not sustained above since mid-June.
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