Corn is trading higher this morning as more hot and dry weather is forecast over the next 7 days which could impact crop ratings further. Yield estimates are between 173 and 177 bpa.
The Pro Farmer tour wrapped up last week with an average national yield guess of 172 bpa. The USDA typically estimates yields a few bpa higher than this crop tour.
A flash sale was reported this morning of 123,000 metric tons of corn for delivery to Mexico during the 23/24 marketing year.
US corn exports have become more competitive with Brazil after a rise in Brazil’s basis levels.
Soybeans are trading higher this morning, along with both soybean meal and oil, as markets trade the hot and dry weather forecast which could cause the crop to deteriorate further.
Pro Farmers crop tour ended last week with an average yield estimate of 49.7 bpa, which compares to the USDA’s guess of 50.9 bpa.
A flash sale was reported for soybeans this morning of 296,000 metric tons for delivery to unknown destinations for the 23/24 marketing year.
Exports have picked up for soybean meal as Argentina’s exports slip 27% from a year ago. Argentina’s crushing production has been limited due to their small soybean crop.
Wheat is trading lower again to begin the week as prices hover near their lows, but are unable to gain momentum higher with the US completing harvest and Russia selling wheat so cheaply.
A second ship that has left Ukraine through the Black Sea in Ukraine’s new humanitarian corridor safely reached Romania despite Russia backing out of the grain deal.
There is dryness in both Argentina and Australia that could impact wheat yields, and India is having weather issues too which could impact their production.
Yields for spring wheat in Minnesota and North Dakota are expected to be better than trade initially thought. This is in contrast to the USDA which has shown poor crop conditions.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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