Corn is trading lower this morning following rains over the Independence Day holiday and continued pressure from Friday’s NASS seeding report.
The USDA said that the planting estimate for corn was 94.1 million acres which would increase ending stocks and has caused selling in corn futures.
On Friday, crop progress was released showing the corn crop rated 51% good to excellent, up just one point from a week ago. Illinois, Iowa, and Indiana showed improvement from a week ago.
Illinois crop ratings improved by 10 points to 36% good to excellent, but Missouri came in at just 23% and 37% of the crop poor to very poor. Missouri is expected to receive beneficial rains this week, which should help next week’s ratings.
Soybeans are trading higher after Monday’s Crop Progress report, which showed conditions worsening, but Friday’s acreage report is still giving buying momentum with acres projected to be tight.
August soybean oil closed at a new high for the year on Monday as demand picks up. Yesterday, both canola and rapeseed traded higher.
Despite the recent beneficial rains in the driest areas of the Corn Belt, crop progress showed soybeans falling by 1% in the good to excellent rating and is now at 50%, the lowest rating for this time of year since 2012.
In China, soybeans on the Dalian exchange showed September futures rising nearly 3% to $17.12 per bushel, which is a four-month high.
Wheat is trading up this morning with KC leading the charge higher after crop progress results came in showing conditions worsening.
On Monday, the USDA said that 37% of winter wheat was harvested, which is down from a five-year average of 46% for this time of year. Winter wheat good to excellent ratings were steady at 40%.
Spring wheat good to excellent ratings slipped 2% to 48% good to excellent, and in North Dakota, ratings slipped from 49% to 40%.
There is increased tension between Russia and Ukraine right now concerning the nuclear power plant with both countries accusing each other of plotting imminent attacks on the plant. This comes as it appears the Black Sea grain deal may not be renewed.
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