Grain Exchange – 7/21/2020
The Tuesday Trading session so far is off to a softer start for corn and beans, while wheat is seeing some recovery. The USDA announced daily exports of 208K tons of corn to unknown, 180K tons of 20/21 soybeans to unknown and 126K tons of 20/21 soybeans to China.
The USDA released their weekly crop progress report Monday afternoon. The US corn crop is considered to be 69% good/excellent vs 57% at this time last year. Minnesota, Wisconsin, Iowa and South Dakota have the best rated corn crop in the country. The US soybean crop improved slightly over last week. This week it is rated at 69% g/e vs 54% last year at this time. The US winter wheat harvest is on its way, but slightly behind expectations. It is said to be 74% complete versus an average trade estimate at 79% complete.
In the Landmark trade territory, we are starting to see wheat harvest pick up as well. Wheat futures are finally rebounding after two tough days of trading. We’re not expecting much of a rally as harvest continues to progress and the world has plenty of stocks.
Most hopes of a weather rally seem to be diminishing as most of the Midwest has recently seen rain, and there is more coverage in the 6-10 forecasts. Temperatures are looking to run close to average with no real threats of heat in the forecast.
Be safe out there and give us a call if you have any questions!