Grain News – Soft Tuesday Trading Session
The Tuesday trading session has been much softer than the bump we saw on Monday. The soybean market is retreating after there is talk that two soybean cargoes were booked by Sinograin and will be loaded without the tariffs. This means that there isn’t any stance on the policy change from the Chinese government. Markets also seeing losses after being impacted by profit-taking and technical selling today.
Weekly corn export inspections were 39.2 million bushels, which was below the trade estimate of 47-59 million bushels. Wheat exports were within trade expectations at 16.6 million bushels.
Crop progress reports out yesterday rated the corn conditions at 68% good/excellent vs. 65% last year. Soybean crop conditions are said to be 66% good/excellent vs 61% last year. The USDA puts the US corn harvest at 39% complete vs 27% last year. US bean harvest is at 38% complete, vs 47% last year.
Farmers across the US, and specifically here in Wisconsin may be disagreeing with these crop ratings as several are reporting yield losses from the field with the cold wet start to harvest. We’re finally getting rolling this week, as the sun has started to shine! The forecast is showing seasonally cool, but mostly dry weather for the next 7-10 days.
As we continue to pick up the pace with harvest, don’t forget to sign up for our text alerts for facility hours and market updates! Check in with your local grain office or marketing specialist if you need help signing up!
Have a great day!