TFM Morning Update 07-05-2023


  • On Monday, corn traded higher throughout the day before ultimately settling lower on continued pressure from the bearish USDA 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.
  • Rains fell in the western Plains yesterday, and Kansas and Missouri are expecting heavy rain amounts over the next five days, and good rain in the Corn Belt as a whole.


  • On the flip side of corn, soybeans ended higher on Friday with continued support from the USDA report with planting estimates at just 83.5 million acres.
  • 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.
  • With soybean futures in the US surging, China has taken notice, and September beans on the Dalian exchange closed 2.9% higher yesterday to a four-month high.


  • Wheat ended Monday lower after being pulled down by falling corn prices and poor export demand.
  • Yesterday, September milling wheat closed up 0.8% and early today those prices were up another 1.6%, so it is possible that US futures open higher.
  • 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%.


Amanda Brill

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