Wheat conditions mixed across the Plains

在一夜之间，谷物以4½美分的玉米猛烈反弹，大豆上涨11¼美分，小麦在昨天的贸易会议上跌倒后6¼美分。巴西不断增长的地区的北部仍然有望降水，这将有助于减少一些干燥地区。目前，巴西北部的实际降水在过去60天中的正常水平低28％，在过去30天中的正常水平低65％。

There were a number of tenders over the last day with Jordan’s state grain buyer issuing two international tenders to purchase 100,000 metric tons of hard wheat and 100,000 tons of animal feed barley. Iraq also issued a 50,000 metric ton tender for wheat and Egypt’s GASC announced a tender for 55,000-60,000 metric tons of wheat. We will keep a close watch over these tender results for signs that U.S. wheat is gaining competitiveness on the global market.

Yesterday, USDA/NASS announced their monthly crop reports for the winter wheat states. Of the states that reported the condition of winter wheat four reported declines in the good-to-excellent rating with the most notable decline in Colorado which fell to 38 percent compared to 62 percent G/E last month. Two states showed improvement in their winter wheat conditions.

Export inspections were strong last week for wheat and soybeans but analysts were disappointed with the corn number. Corn only recorded 661,675 metric tons inspected compared to expectations of 750,000-900,000 metric tons. Wheat performed in line with the high side of analyst expectations recording 394,029 metric tons while soybeans beat analyst expectations by a large margin showing 1.69 million metric tons inspected for export.

—Cody Bills