Morning Market Insight

July 23, 2018
Drew Johnson
Grain Marketing Specialist  
                                                       
 
Corn: 1 higher
Corn is trading a bit higher overnight on thin volume. Corn crop condition is expected to slip to 70% - 71% Good/Excellent versus the 72% last week. Crop conditions last year, now, were at 62%. Corn silking, on the 5-year average, jumps between July 15 – 22, from 27% to 63%. As of last week, corn silking was at 63%. Six to Ten-day weather forecasts turn a little cooler and a little dryer for the upper Midwest, while the eastern corn belt is expected to get some moisture.

Soybeans: steady
Soybeans are trading steady this morning on lack of news. Crop conditions are expected to slip from 69% Good/Excellent, last week, to 67%-68% this week. Crop conditions, last year, at this time, were at 57%. August soybeans are trading at $8.50 this morning, this is $.40 higher than the established low on July 16th

 
Wheat: MPLS: 11 higher. KC: 4 higher
Wheat is higher this morning admits concerns over dryness in southwestern Canada, eastern Australia, northcentral Europe, and southern Russia. This will continue to support the wheat market as we keep rolling into harvest.   
 

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