CORN

• Corn prices continue to lean lower at midday, pressured by good crop conditions and higher yields. December corn is down 2-3/4 to $4.03-1/4.
• Monday’s Crop Progress report showed corn ratings slipping one point from last week to 71% good-to-excellent but remains above last year’s 67% good-to-excellent.
• Corn export inspections were down 30.99% from last week and 13.7% lower from the same week last year at 1.05 mmt. Mexico was the top destination, followed by Japan and South Korea.

SOYBEANS

• Soybean futures are drifting lower at midday on pressure from the rest of the grain market. November soybeans are down 9-3/4 to $10.31-1/2, while the January contract is down 8-3/4 to $10.51-1/4
• Yesterday’s Crop Progress report showed soybean conditions unchanged from last week and last year at 68% good-to-excellent.
• Soybean export inspections totaled 473,605 mt during the week ending August 14. This was 16.6% higher than last year but down 13% from the week prior. Top destinations were Egypt, Mexico, and Taiwan.

WHEAT

• Wheat prices remain lower at midday, pressured by peace talks between the US, Russia, and Ukraine. September Chicago futures are down 3-1/4 to $4.99-1/2 while the December contract is down 3-1/2 to $5.21-1/2
• Yesterday’s Crop Progress report showed spring wheat ratings improving 1 point to 50% good-to-excellent but remain well below last year’s conditions of 73% good-to-excellent.
• Russia’s IKAR has raised their wheat production estimate by 1 mmt to 85.5 mmt which has added to the downside pressure in wheat prices.

Author

Tanner Wilson