Corn traded lower today by 2.75-3 cents, putting in new contract lows for the September contract and close to contract lows in the December. This was led by a much wetter weather forecast and the possibility of improving crop conditions.
Corn export inspections came in at 27.2 million bushels, lower than the trade estimates of 29.5-37.4 million bushels. With 2 weeks left in the marketing year it looks like the exports will come in close to the USDA export number.
Soybeans traded lower today as well as the weather forecast should improve crop conditions and yield prospects especially in soybeans. Exports for soybeans came in at 24.4 million bushels, higher than trade estimates of 16.5-22.0 million bushels. It looks like the USDA export number for soybeans will be exceeded by 15-25 million bushels.
Chicago soft red winter wheat traded 5-6 cents lower as well putting in contract lows for the second trading day in a row. Soft wheat remains under pressure from fund selling and abundant supplies worldwide.
Crop ratings released Monday afternoon had corn unchanged from last week at 62% good to excellent. With many increases in ratings in the fringe states, but one thing to notice was that IL corn ratings dropped 8% to only 54% good to excellent. Not likely that IL corn yield stays at the USDA estimate of 188 bushels per acre from the August report with that type of rating in IL. Soybeans were reported at 60% good to excellent which is a 1% increase over last week. Corn was 29% dented vs. the 5-year average of 35%.
The Pro Farmer tour started today and showed a lot of variability in the corn yields and pod counts which was expected with the growing season we have seen this year. The tour findings will continue to be the topic of discussion this week.
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