Grain Exchange – 7/28/2020
Late last week Tensions between China and the U.S. increased while China continued to buy more grain from the U.S. Monday the USDA released their weekly crop progress report. The report stated that Corn is 72% good to excellent, which is up 3% from last week. Soybeans are rated at 72% good to excellent which is also up 3% from last week. The good quality crop conditions are putting pressure on the markets early this week. Tuesday morning Corn, Soybeans, and Wheat are all trading lower on the board.
The USDA’s crop progress report states that Wisconsin’s corn crop is 82% good to excellent which has increased by 1 percentage point from the prior week. 62% of the corn crop is in the silking stage which is 13 days ahead of last year. Wisconsin Soybeans are 84% good to excellent, also up 1 percentage point from last week. 81% of the crop is blooming, which is three weeks ahead of last year and 51% of the crop is setting pods.
Thanks to rain showers last week, there continues to be plenty of moisture in the top and subsoil. 80% of Wisconsin topsoil has adequate moisture and the subsoil has 82% adequate moisture. Both being key driving factors in helping the Wisconsin crop develop.
Winter Wheat harvest has started to ramp up in the state with 34% harvested which is a week a head of last year. Wisconsin Winter Wheat is rated at 79% good to excellent which is down 1 percentage point from last week. Harvest looks to continue as the forecast shows promising weather to finish the week out.
When the markets are down it is a great chance to talk opportunity management with your Grain Marketing Specialist!