Grains Lower on Better than Expected Crop Conditions

In the overnight session the grains are trading lower with corn down 6 3/4 cents, soybeans down 5 1/4 cents and wheat down 9 1/4 cents. The US dollar is trading nearly 1 percent higher and crude oil is up 8 cents.

Analysts were expecting corn good-to-excellent ratings to decline by 1 percent and for soybean ratings to decline by 2 percent early yesterday. However, the crop progress report showed that corn conditions are slightly better than expected at 69 percent good-to-excellent which was a one percent improvement from the previous week. Soybean conditions held steady at 63 percent good-to-excellent which was unchanged on the week.

Soybean plantings increased 2 percent to 96 percent planted this week after rains disrupted any real opportunity to plant in Missouri last week. Missouri is now 73 percent planted. Winter wheat conditions showed a 1 percent increase this week but spring wheat conditions fell 2 percent this week.

Yesterday the export inspections report showed soybeans recorded 197,441 metric tons inspected which was within the analyst expectations which ranged from 125,000 to 275,000 metric tons. Corn inspections was reported at 839,324 metric tons which missed analyst expectations and wheat recorded 368,818 metric tons inspected for export this week which was within the range of expectations.

天气看起来不适合以后的rts of this week. Rain is expected in the forecast for the eastern, central and southwestern areas over the next few days which will continue to add stress to already saturated fields.

—Cody Bills