Morning Market Insight

7-31-18
Brad Olson
Grain Marketing Specialist
 

Corn:  As of 7:45-  3 higher
Spillover strength from the wheat complex as well as strong export inspections kept this market firm. Weekly export inspections at 1.7 mmt up from last week’s 1.3 and exceeding expectations. Crop ratings remained steady at 73% g/e and well above last year’s 61% for this week. Development remains ahead of pace as well with 38% in dough vs last year at 21% and the 5 yr ave at 20%. Forecast looks to be a bit warmer and drier.


Soybeans:  As of 7:45-  7 higher
Forecast moving to a little warmer and drier helped perk the soybean market up yesterday and overnight. As we all know we are moving into that critical period as August makes beans. Export inspections at 740 tmt slightly above last week’s 728.  Crop ratings held steady for the week at 70% g/e with blooming at 86% vs/ last year 80% and the 5 yr ave of 77%.


Wheat:  As of 7:45-  5 higher
Continued concerns about global production kept this mark higher yesterday and overnight despite declining export inspections of 379 tmt down from last week’s 429. HRW harvest wrapping up while HRS just firing up. Much attention will be paid to ND yield data as we move forward in the days and weeks to come. HRW harvest progress estimated at 85% complete vs. 87% last year and 86% for the 5 yr ave.


 

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