CORN

• Corn futures are trading both sides of unchanged this morning and have remained in a tight range so far this week just below Friday’s high.
• Export inspections are now running 31% ahead of last year’s pace. Another daily flash sale announcement to Mexico yesterday and tightening basis levels around the Corn Belt are all friendly signs to the corn market.
• The USDA reported corn harvest was 95% complete as of Sunday. This is 9% ahead of last year’s pace and 11% ahead of the 5-year average.

SOYBEANS

• Soybeans are trading lower this morning after a tough start to the week. Lower world vegetable oil prices as they retreat from recently overbought conditions have been a weight on US soybean oil futures as well as soybeans.
• With US soybean prices remaining at a steep discount to Brazilian soybean futures for export though the end of the year, US soybean exports should find favor from world soybean buyers.
• The USDA reported harvest progress was 96% complete as of Sunday. This is likely the final crop progress report for soybeans of the year.

WHEAT

• All three wheat classes are trading lower this morning after breaking nearby support to start the week.
• US winter wheat conditions improved by 3% last week to come in at 44% good to excellent. Last week’s rains have improved conditions, recent price action is likely reflecting this beneficial moisture.
• EU soft wheat exports in the season that started July 1 have totaled 8.7 mmt, this compares to 12.3 mmt a year ago.

Author

Amanda Brill