Monday Afternoon Comments (7/21) A near ideal weather forecast for the Midwest continued to weigh on futures driving the December contract to a new low. This afternoon will bring updated crop condition ratings. The expectation is to see the corn rating increase 1% in the good to excellent category. Last week the U.S. corn crop was rated 76% good to excellent with 34% of the crop silking (today's report @ 76%G/E). Only 5% of the corn crop was given a poor or very poor rating compared to 9% in the previous year. Normal to below normal temperatures are expected to persist through the end of July across the Midwest according to forecasters, while above normal precipitation is predicted for the eastern corn belt. The Doane crop tour began today and will be conducted over the next two weeks. The western route covering western Illinois, Iowa, southern Minnesota, eastern Nebraska, and eastern Missouri will take place July 21st through the 24th. The eastern route is scheduled for July 27th through the 29th and includes the rest of Illinois, Indiana, and western Ohio. Weekly corn export inspections came in this morning at 37 mln. bu. The corn pace continues to lag behind the USDA’s annual forecast. Exports need to average 47.6 mln. bu. per week to meet the USDA’s projection. Old crop bean and meal sales to China helped to support the August contract today. However, the prospect for a large 14/15 U.S. soybean crop weighed on the deferreds. This afternoon will bring updated crop condition ratings. The expectation is to see the soybean rating remain steady to up 1%. Last week U.S. soybeans were rated 72% good to excellent with 41% of the bean crop blooming (today's report @ 73% G/E). This morning private exporters reported the sale of 120,000 tonnes of U.S. soybeans to China for delivery in the 13/14 marketing year. China’s customs showed June bean imports at 6.4 MMT, which was down 8% on the year. Jan-June soybean imports came in at 34.2 MMT, up 24% from the prior year. Rosario port workers are said to have ended their strike, pending negotiations today. Weekly U.S. soybean export inspections came in this morning at 3.6 mln. bu. Exports need to average 7.2 mln. bu. per week in order to meet the USDA’s annual forecast. Comments from Mid-Co Commodities Have a good & safe night!
ACH Payments are now available. Call for details or to sign up.
Duracade Notice: If you are planting corn with the Duracade trait this spring and plan to haul it to Stanford Grain, please let us know. We will need to make arrangements to handle it. Thank You for your cooperation.