Grain News: July 2, 2019 – Eye On Global Conditions, Local Basis
Happy 4th of July week! Corn crop conditions remain 56% good/excellent, same as last week, with 94% emerged. Soybean crop conditions 54% good/excellent, same as last week, 83% emerged. Wheat conditions continue to go up. Wheat is 63% good/excellent up from 61%. Harvest is ramping up at 30% vs last week at 15%.
Wisconsin corn crop conditions at 55% good/excellent vs 81% on average. Markets are showing some improvement on basis. Ukraine has been hot and dry but seeing some relief during pollination. US weather looks favorable for the next two weeks.
Soybeans in WI are 61% good/excellent vs 80% on average. Weather is pressuring beans even with roughly 8% yet to plant. Brazilian exports for June dropped 1.35 million metric tons from last year at the same time.
Wheat harvest is underway in the US. Kansas wheat yields continue to run big and test weights are good. Russia’s wheat is under pressure from a heat wave there. Russian Ag Ministry is keeping production at 118 million metric tons.
President Trump has stated new rounds of talks are underway with China. Oil prices are slipping on concerns of a global slow down. OPEC will be approving nine-month extension to supply cuts to March 2020.
With a revisit of planted acres happening on the August supply and demand report, make sure to be talking with your grain marketing specialist. Hold on until then as the market tries to figure out this crop. Remember, when selling for a profit you will never lose!
Have a fun and safe 4th of July!