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- Corn is trading sharply lower this morning despite yesterday’s poor crop progress results as weather patterns turn wetter.
- In corn, good to excellent ratings fell 5% from the previous week and are now at just 50%. 4% of corn is silking which is in line with the 5-year average.
- Rain forecasts overnight have changed to include SE Nebraska, southern Iowa, and southern Illinois, areas of the Corn Belt that have been in the most need of moisture.
- The June Acreage report will be released on Friday and is expected to show a small decrease in acres at 91.85 ma which would be down from 92 ma the previous month.
- Soybeans and both soybean meal and oil are lower this morning along with corn, again despite poor crop ratings and thanks to improved weather forecasts.
- Soybean’s good to excellent ratings fell by 3% to 51% which is the lowest rating for this time of year since 1988. Anticipated rains could bring the crop back to life.
- Friday morning’s acreage report is expected to show soybean acres up slightly from May intentions with average trade guesses at 87.67 ma, up from 87.45 ma.
- Yesterday’s soybean inspections were poor as Brazil keeps control of the export market with their cheaper soybeans.
- Wheat is lower with the rest of the grain complex with Chicago futures leading the way as the wet forecast dominates today’s trade.
- Winter wheat good to excellent ratings actually increased by 2% to 40%, but spring wheat fell by 1% to 50%. Winter wheat is now 24% harvested vs 15% last week.
- While it is looking less and less likely that Russia will extend the Black Sea deal, markets appear uncaring and are focused on US weather.
- Friday’s stocks report will estimate the final ending stocks of 22/23 and the average trade guess is 611 mb, down from 698 mb last year.