TFM Morning Update 08-01-2023

CORN

Corn is trading unchanged to slightly lower this morning as temperatures will remain mild and rain chances will increase for much of the Midwest through this weekend.
Crop conditions released Monday afternoon reported US corn good to excellent ratings at 55% down 2% from last week and down 6% from the same week last year.
84% of the US corn crop was in the pollination stage of production as of Sunday, this is 2% ahead of the five-year average.
December 2023 corn futures were 18-1/4 cents higher in the month of July.

Soybeans are slightly higher this morning as prices look to rebound after Monday’s sharply lower trade.
Private exporters reported the sale of 132,000 tons of soybeans for delivery to China during the 23/24 marketing year on Monday. This continued the trend of export sales from last week.
US soybeans were rated 52% good to excellent as of Sunday, July 30th, this was down 2% from last week’s rating and 8% below ratings the same week a year ago.
50% of the US soybean crop was setting pods according to Monday’s crop progress report, above normal precipitation forecast for the entire Midwest into mid-August should aid in filling pods.

Wheat futures are lower across the board again this morning with Chicago futures leading the way lower.
US Spring wheat condition ratings fell 7% from last week coming in at 42% good to excellent as of Sunday, July 30th, this is down from 70% in the same week last year.
US winter wheat harvest was 80% complete as of this week, this is 3% behind the five-year average.
In the week ending July 27th, the US inspected 581,000 tons of wheat, this is up 220,000 tons from the previous week.

Amanda Brill