Corn is trading lower this morning following yesterday’s crop progress report but weather over the next two weeks is expected to be hot and dry.
Crop progress showed corn’s good to excellent rating falling to 56% from 58% last week and the average trade guess being 55%.
88% of the crop is doughing, 51% is dented compared to 35% last week, and 9% is mature compared to 4% a week ago.
While ratings didn’t fall much last week, temperatures over the next two weeks are expected to be far above normal while precipitation is forecast to be below normal for the Corn Belt.
Soybeans are trading lower this morning along with both soybean meal and oil as trade was expecting a much larger drop in crop ratings.
58% of the soybean crop was rated good to excellent vs 59% a week ago with trade expecting a rating of 56%. 91% of the crop is setting pods vs 86% a week ago, and 5% is dropping leaves.
November soybeans may be finding some resistance at the 14 dollar level with futures technically oversold and a gap lower on the chart at 13.90-1/2.
Brazil’s soybean crop for 23/24 is seen at 162.8 mmt vs 154.6 mmt in the previous year as production expands.
Wheat is trading lower again this morning with KC taking the brunt of the losses and Chicago following behind. Yesterday’s crop progress was slightly friendly for Minn wheat.
Yesterday’s crop progress for spring wheat showed harvest 54% complete compared to 39% a week ago and in line with trade guesses while the good to excellent rating slipped 1 point to 37% which was in line with expectations.
The Russian Grain Union has said that Russian exports of wheat have risen by 27% year over year in August to 6.4 mmt.
In Brazil, wheat prices have faded significantly with the monthly price averages at the lowest levels since 2020. 70% of the wheat crop is harvested in Brazil.
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.
