CORN
- Corn is trading slightly higher this morning as it settles into a trading range ahead of tomorrow’s WASDE report.
- Rains are currently falling in Kentucky and Tennessee but are forecast to move into Iowa and Minnesota and the northeast over the next 5 days.
- The Dow Jones average trade guess for yields that the USDA will release tomorrow are at 175.4 bpa with the USDA’s most recent guess at 177 bpa.
- In China, corn on the Dalian exchange is near its highest prices in 4 months following concerns about recent flooding in northeastern China.
SOYBEANS
- Soybeans are slightly higher as well but have mostly traded in a range the past week, and soy products are mixed with soybean meal higher and soybean oil lower.
- Very beneficial rains have fallen over the past 7 days for western and southern soybean states with the 5-day forecast showing rain in the northern and eastern states, a great scenario for soybeans setting pods.
- Tomorrow’s WASDE report estimates are expecting a reduction in new crop ending stocks due to expectations for a small reduction in the yield estimate of 52.0 bpa.
- Yesterday, another soybean sale was reported to China of 9.2 mb for the 23/24 marketing year.
WHEAT
- Wheat is trading slightly higher, along with corn and soybeans, ahead of the WASDE report but mainly has been stuck in a trading range over the past 4 days.
- The Dow Jones pre-report survey doesn’t show much change expected in the USDA’s estimate of world wheat production, but changes could occur in China and India.
- Japan’s Ministry of Agriculture is seeking to buy a total of 93,972 mmt of food-quality wheat from the US and Canada in a tender that will close on August 10.
- In France, harvesting of soft-wheat fields has been postponed due to very heavy rainfall, and the quality is expected to decline.
Author
Amanda Brill