CORN

• Corn futures are trading unchanged to slightly lower in the back months with September unchanged at $3.87-1/4, December unchanged at $4.11-3/4, and March down 1/2 cent at $4.29-1/4. For the week, December corn is currently up 7 cents.
• The ProFarmer tour found huge yields in both Minnesota and Iowa corn, tour records. Minnesota was seen at 202.86 bpa while Iowa was seen at 198.43 bpa. However, the tour found disease in some field which could lower yields at harvest.
• Yesterday’s export sales were strong for corn at 2,833k tons which compared to 1,959k last week and 1,410k a year ago at this time. Top buyers were unknown, Mexico, and Spain.

SOYBEANS

• Soybeans are trading higher this morning following large gains posted yesterday as soybean oil led the complex higher. September soybeans are currently up 2-1/4 cents at $10.36-3/4 while November is up 2-1/2 at $10.58-1/2. October soybean meal is unchanged at $290 while October soybean oil is up 0.10 cents at 53.68 cents.
• The ProFarmer tour similarly found big pod counts for soybeans in Minnesota with 1,248 pods found in 3’x3′ square which is well above last year. In Iowa they found 1,384 pods which was also above the previous year.
• Soybean export sales yesterday were ok at 1,137k tons which was up from 755k last week and compared to 1,633k a year ago. Top destinations were to unknown, Spain, and Mexico.

WHEAT

• All three wheat classes are trading slightly lower this morning with September Chicago wheat down 1 cent at $5.06 while September KC wheat is down 1-1/2 cents at $5.01-3/4. For the week, Sep Chicago wheat is currently unchanged while KC is down 5 cents.
• The Argentinian wheat crop is expected to improve following rains in key areas boosting soil moisture and helping uptake of nutrients as farmers re-fertilize the crop.
• Yesterday’s export sales report saw wheat sales fall to 482k tons which was down from 723k last week and 493k a year ago at this time. Top buyers were Mexico, South Korea, and Thailand.

Author

Amanda Brill