Grain TV discusses day 3 of the Pro Farmer Crop Tour and the markets reaction. Interesting news out of South America was also getting some trade chatter. Tune in for the full report!
Grains are unchanged in the overnight session, with corn down a quarter cent, soybeans up a penny, and wheat up half a penny. Export sales were slightly weaker than analyst expectations for wheat this morning with only 338,700 metric tons sold compared to the 450,000 to 650,000 MT expected. Wheat sales were down 43 percent from the previous week. Corn sales were also light on the old crop with only 117,100 metric tons sold but performed well for new crop, booking 787,800 metric tons for delivery in 14/15. Soybean sales continue to be positive, with 61,400 metric tons in the old crop and 1,050,000 metric tons in the new crop. Old crop soybean sales continue to show strength, posting positive sales without cancelations. Soymeal, however, did post net reductions of 31,700 metric tons of old crop, which was a marketing year low.
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Grains are sliding lower into this morning’s USDA report. Corn is down 2, soybeans off 4 and Chicago wheat is down 6 cents. Today’s USDA report will be released at 11:00 AM central time.This morning’s USDA report will be the first survey based yield estimate of the year. Yield figures will be the focus of the report following a July that saw ample moisture in the eastern grain belt but a return of drought conditions in Nebraska and the Dakotas. Below are trade expectations for the report and our take on the numbers.
Soybean basis was off sharply across the country, down nearly 14 cents on average. GrainTV discusses the cash market for corn and soybeans and what the markets will be focusing on next week.
Alert: First Notice for August Soybeans is on Thursday, July 31st. Grains are trading lower in Chicago, with corn down 3 cents, soybeans off 10 and wheat unchanged to lower. This morning there were reportable sales of 135,000 metric tons of new crop Soymeal to unknown destinations and another 147,000 metric tons of corn to columbia for new crop delivery. Crop conditions were released yesterday after the market close, with good-to-excellent ratings falling for both corn and soybeans. Corn is now rated 75% G/E, down a percent from the previous week. Soybean conditions fell 2% and is now rated 71% G/E. Soybeans have found some strength on weather concerns in recent sessions as the western corn belt has been dry as we enter pod fill. Looking at progress - 38% of soybeans are now filling pods and corn is 78% silking. 83% of winter wheat is now harvested.
Tune in as Cody describes the 24-cent higher move soybeans made and how new crop soybean sales are helping it out. Export inspections, weather outlook and crop conditions also were covered in this report.
The grains are mixed this morning with corn trading 3 cents higher, wheat 3 ¾ cents lower and August soybeans 12 cents higher this morning. The August soybean contract is trading at $12.24 ½ and has first notice on Thursday, July 31. Currently, the spread between August and September Soybeans is 96 ½ cents, down from over $1.40 at the beginning of July. Over the weekend rains were scattered, but there are still areas of dryness in the western parts of the Grain Belt. This morning, the 6 to 10 day forecast is showing a drier than normal trend throughout most of the grain belt, but 8 to 14 day forecast looks to bring in more precipitation in the eastern and southern parts of the Corn Belt. Dryness in some parts of the Midwest has been a concern, but the lack of heat stress has limited its damaging effects. Read more...
Midwest benefited from last week's weather
粮食市场几美分的价格走高的the overnight after trading down for the better part of yesterday. September corn is up 1 ¼ cents. September wheat is up 4 ½ cents and august soybeans is up 14 cents on the day. Crop conditions were released yesterday after the market closed, showing small changes week over week. Corn conditions were left unchanged at 76% good to excellent, while soybean conditions improved a percent, now rated 73% good to excellent. Progress is moving along nicely, with 56% of corn now silking and 19% of soybeans setting pods. The next several weeks will be critical for final yield and the forecast for pollination is looking very favorable. The 6-to-10-day forecast from Planalytics shows above average precipitation and below average temperatures for the U.S. grain belt.
This morning all the grains are trading lower as ideal weather during pollination weighs heavily on the market. September corn is trading down 6 cents, September wheat is down 3 ¾ cents and August soybeans is trading 4 ¾ cents lower. This afternoon’s crop progress report should show unchanged conditions ratings and nearly 50% of the corn and soybean crop entering the reproductive phases. Weather looks to remain very favorable for the remainder of the week with NOAA and private analysts both expecting cool temperatures across much of the grain belt. Showers should be light and intermixed, continuing to support soil moisture. Read more...
US Corn Price Idx:ZCPAUS.CM
open: 7.6995
high: 7.7394
low: 7.6068
close: 7.7167
US Soybean Price Idx:ZSPAUS.CM
open: 16.7659
high: 16.8093
low: 16.5863
close: 16.6419
US Hard Red Winter Wheat Price Idx:KEPAUS.CM
open: 11.2626
high: 11.2901
low: 11.0257
close: 11.1615
US Soft Red Winter Wheat Price Idx:ZWPAUS.CM
open: 10.1116
high: 10.1794
low: 9.9562
close: 10.1341
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