Morning Market Insight

July 17, 2018
Jeremy VanderVorst
Grain Marketing Specialist

Corn  4 higher
Crop conditions down 3% from 75% this compares to 64% at this time last year. Starting to hear traders talk about possible pollination problems due to heat at tasseling. Current US 11-16 day weather forecast looks to be fairly benign.

Soybeans 5-6 higher
Soybean ratings dropped 2% to 69% and 26% are setting pods which will make late July weather conditions more critical this year. Current crush margins are very strong along with domestic demand. US soybean crush has been near record levels and July also looks to be record high. The recent bounce could be tied to values in Brazil nearing US values including the 25% tariff.
Wheat  3 to 8 higher
Spring wheat conditions stayed steady with last week’s conditions and showed the crop 93% headed. Dryness in Germany, parts of Europe and the Black Sea will cause a drop in global supplies. Germany is expected to harvest 21.5 MMT of wheat this year, down 12% from last year. Current weekly export inspections have US wheat exports running 44% behind a year ago.

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