Outside markets modestly supportive for grains
A mostly better start is expected this am, steady/better wheat, 3-5 up in corn and 5-7 better beans. The outside markets are modestly supportive this am for the grains with crude oil higher, equities slightly better and the $ index slightly lower. Jul futures expire at noon today US Central time and there could be some big moves in Jul corn, beans and meal, none of which have had any deliveries so far this month. There were 1100 wheat and 900 oil delivered this am with Dreyfus stopping 534 oil the commercial feature.
Weekly Crop Ratings yesterday afternoon showed 71% of the corn crop in good to excellent condition, unchanged from last week. Beans rated 66% good to excellent, also unchanged from last week. Spring wheat was 71% good to excellent, down 1% from last week. Crop development remains way behind normal due to late planting caused by the very wet, cool spring. Only 16% of the corn is silking vs 32% average while just 24% of the beans are blooming against 43% average. Spring wheat headed reached just 57% vs 83% average. Winter wheat harvesting is almost caught up with 66% in the bin vs 69% average.
The National Oilseed Processors Association June crush totaled 133.1 million bushels with oil stocks 2.907 billion lbs. Traders were expecting a crush of 134.8 million and oil stocks of about 2.800 billion lbs. These differ from the estimates I listed yesterday because they were revised late yesterday afternoon. The crush report was a bit negative for beans and oil as the crush was lower than expected while oil stocks were higher.
A little export business was done this am with South Korea taking 55,000 tonnes of US meal and 55,000 tonnes of US corn.
The Indian monsoon appears better organized than previously with good to heavy rain forecast the next 3-5 days. Much needed rain is still forecast in the dry Argentine wheat belt late this weekend or early next week. Good conditions continue in China's main grain growing areas.
The US Midwest will see more good growing weather the next several days or longer with scattered rain and no heat to stress the crops. The 6-10 day calls for cool and wet weather so crop conditions should remain very good. The delta will see welcome cooler and wetter weather the next several days as well. ---Vic Lespinasse
Weekly Crop Ratings yesterday afternoon showed 71% of the corn crop in good to excellent condition, unchanged from last week. Beans rated 66% good to excellent, also unchanged from last week. Spring wheat was 71% good to excellent, down 1% from last week. Crop development remains way behind normal due to late planting caused by the very wet, cool spring. Only 16% of the corn is silking vs 32% average while just 24% of the beans are blooming against 43% average. Spring wheat headed reached just 57% vs 83% average. Winter wheat harvesting is almost caught up with 66% in the bin vs 69% average.
The National Oilseed Processors Association June crush totaled 133.1 million bushels with oil stocks 2.907 billion lbs. Traders were expecting a crush of 134.8 million and oil stocks of about 2.800 billion lbs. These differ from the estimates I listed yesterday because they were revised late yesterday afternoon. The crush report was a bit negative for beans and oil as the crush was lower than expected while oil stocks were higher.
A little export business was done this am with South Korea taking 55,000 tonnes of US meal and 55,000 tonnes of US corn.
The Indian monsoon appears better organized than previously with good to heavy rain forecast the next 3-5 days. Much needed rain is still forecast in the dry Argentine wheat belt late this weekend or early next week. Good conditions continue in China's main grain growing areas.
The US Midwest will see more good growing weather the next several days or longer with scattered rain and no heat to stress the crops. The 6-10 day calls for cool and wet weather so crop conditions should remain very good. The delta will see welcome cooler and wetter weather the next several days as well. ---Vic Lespinasse
posted by InsightPublishing at
10:30 AM
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