Monday Afternoon Comments (7/24) Corn futures traded weaker today. Widespread rain coverage throughout much of the Corn Belt this past weekend weighed on prices. Averages of three to five inches fell across Eastern Iowa and Northern Illinois. In addition, the eastern halves of both North & South Dakota received some much needed moisture. Although, the western areas remained mostly dry. Today's forecast calls for Minnesota and most of Iowa to receive rainfall over the next 48 hours. However, the weather models then diverge. The GFS calls for rain for most of Illinois, Indiana, and Ohio, missing Wisconsin and Michigan; while the European model is the opposite, with rains falling in Wisconsin and Michigan and missing Illinois, Indiana and Ohio. Traders will await this afternoon’s updated weekly Crop Progress report. The expectation is to see a 1 to 2 point drop in the U.S. corn rating. Last Monday, the U.S. corn crop was rated 64% good to excellent. Weekly corn export inspections came in this morning at 36.8 mln. bu. Year-to-date corn inspections currently stand at 2.04 bln. bu. AgRural reports the safrina corn harvest at 50% complete, which is slightly ahead of average. They left Brazil’s total corn crop unchanged at 98 MMT compared to the USDA at 97 MMT.
Soybeans were sharply lower today following the recent rains over the weekend and cooler temperatures forecast for early this week. The trade expects to see a decrease of 1 to 2 points in this afternoon’s U.S. soybean condition rating. Last week, U.S. soybeans were rated 61% good to excellent. Weekly export inspections were strong for soybeans this morning at 21.9 mln bu. Year-to-date bean inspections currently stand at 1.98 bln. bu., needing 120 mln. bu. over the next 6 weeks to reach the USDA’s objective. In South America, Safras in Brazil has indicated more beans will be planted as their first crop followed by Safrina corn acres, as more states have prohibited double crop beans to control rust. Bean acres are projected to be up 5.2%.
7 Day Rainfall Map (7/24-7/31)
Midwest Drought Monitor as of July 18th
Comments from Mid-Co Commodities
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