July corn 377 ¼ - 10 ½ July Soybeans 931 ¼ - 10 ¼ July Mpls wheat 600 ½ - 6
Sept corn 385 ¾ -10 ½ Sept soybeans 935 ½ - 10 Sept Mpls wheat 606 ¼ - 4 ¾
Dec 17 corn 395 ½ - 10 Nov17 Soybeans 938 ¼ - 10 Dec 17 Mpls wheat 605 ¼ - 3 ¼
The rain came down and so did prices. The substantial rain events that moved across much of the Midwest put a damper on the rally supported by last week’s hot and dry conditions. Last week Mpls wheat led the prices higher and today they seemed to lead prices lower. However by the end of the day, Mpls wheat gained back about ½ of the loss.
USDA Export inspections for soybeans and wheat were above what the market was looking for. Corn was at the low end of the range of estimates.
Brazil is just starting to harvest its second crop corn. Argentina is just about done harvesting beans and half done with corn.
Weekly USDA Crop Progress and conditions
-US corn crop conditions 67% good/excellent vs 67% expected (66-70% range of ideas), 68% last week, 75% last year - Dakotas conditions down sharply
-US soybean crop conditions 66% good/excellent vs 69% expected (65-71% range of ideas), 74% last year - conditions lowest in 4 years for mid-June, slightly below average
-US soybean planting 92% complete vs 94% expected (91-97% range of ideas), 83% last week, 91% last year, 87% average
-US winter wheat crop conditions 50% good/excellent vs 49% expected (48-50% range of ideas), 49% last week, 61% last year - SRW conditions up sharply
-US winter wheat harvest 17% complete vs 22% expected (17-26% range of ideas), 10% last week, 10% last year, 15% average
-US spring wheat crop conditions 45% good/excellent vs 53% expected (51-54% range of ideas), 55% last week, 79% last year - spring wheat conditions hammered again, down 10% g/e last week.
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