CORN

• Corn trades slightly lower at midday on improved corn ratings.
• Monday’s Crop Progress report showed corn ratings improving 1% to 65% good-to-excellent. Harvest continues to progress as well, jumping 4% from a week ago to 9% complete.
• Harvest progression and Mississippi River transportation problems could fuel further weakness in prices in the short-term.
• French corn production forecast was raised from 14.01 mmt last month to 14.38 mmt.

SOYBEANS

• Soybeans are trading higher at midday on doubts of record yields after 11 of 18 states reported worse good-to-excellent ratings.
• In Mondays Crop Progress report, soybean ratings were seen falling 1% to 64% good-to-excellent with 6% of the crop harvested.
• NOPA crush for the month of August came in well below expectations at 158 mb, down 13.5% from July and 2% from last year.
• Soybean oil is higher at midday after bean oil stocks came in well below expectations at 1.138 billion pounds in yesterday’s NOPA crush report.

WHEAT

• Chicago and Kansas City wheat pull back at midday on technical resistance and reports of tensions between Russia and Ukraine easing. Minneapolis wheat is slightly higher.
• HRS harvest is 92% complete, up 1% from a year ago. Winter wheat planting also improved 1% from a year ago to 14% complete.
• The French Ag Ministry lowered their SRW harvest projection from 26.3 mmt last month to 25.8 mmt.
• Dry weather in Ukraine continues to present challenges for planting. Ukraine sowing is just 6.9% versus 11.8% a year ago.

Author

Tanner Wilson