Morning Comments July 2, 2019

July corn

Opening Calls:

Corn: Down 1 to 2 

Soybeans: Up 2 to 3

Yesterday afternoon the USDA’s weekly crop progress and crop condition rating reports were released and showed the following: 

CORN

% Emerged

National: 94% vs. 89% last week, 100% last year and 100% average

Iowa: 98% vs. 96% last week, 100% last year and 100% average

Illinois: 89% vs. 84% last week, 100% last year and 100% average

Nebraska: 99% vs. 95% last week, 100% last year and 100% average

Minnesota: 99% vs. 96% last week, 100% last year and 99% average

Indiana: 88% vs. 79% last week, 100% last year and 100% average

Crop Condition Rating (% rated good/excellent)

National: 56% vs. 56% last week and 76% last year

Iowa: 64% vs. 62% last week

Illinois: 42% vs. 47% last week

Nebraska: 74% vs. 77% last week

Minnesota: 58% vs. 59% last week

Indiana: 39% vs. 43% last week

SOYBEANS

% Planted

National: 92% vs. 85% last week, 100% last year and 99% average

Iowa: 97% vs. 95% last week, 100% last year and 100% average

Illinois: 87% vs. 79% last week, 100% last year and 98% average

Minnesota: 100% vs. 98% last week, 100% last year and 100% average

North Dakota: 99% vs. 98% last week, 100% last year and 100% average

Indiana: 88% vs. 75% last week, 100% last year and 99% average

% Emerged

National: 83% vs. 71% last week, 98% last year and 95% average

Iowa: 90% vs. 81% last week, 100% last year and 99% average

Illinois: 78% vs. 67% last week, 100% last year and 96% average

Minnesota: 95% vs. 87% last week, 100% last year and 99% average

North Dakota: 96% vs. 92% last week, 99% last year and 99% average

Indiana: 73% vs. 56% last week, 100% last year and 96% average

Crop Condition Rating (% rated good/excellent)

National: 54% vs. 54% last week and 71% last year

Iowa: 64% vs. 63% last week

Illinois: 44% vs. 46% last week

Minnesota: 62% vs. 66% last week

North Dakota: 67% vs. 70% last week

Indiana: 37% vs. 41% last week

US corn export inspections last week were a marketing year low of 273,000 mt (10.7 mil bu) and were well below market expectations of 500-800,000 mt (19.7 to 31.5 mil bu), while declining notably from the previous week’s 618,000 mt (24.3 mil bu). U.S. soybean exports last week of 719,000 mt (26.4 mil bu) were at the upper end of market expectations of 450-750,000 mt (16.5-27.6 mil bu) and were little-changed from the previous week’s 732,000 mt (26.9 mil bu), but modestly below last year’s same-week exports of 850,000 mt(31.2 mil bu).

The September dollar index is trading 10 points lower this morning at around 96.31. This morning the August crude oil contract is trading around $0.30 lower. The August contract is trading just below the $59.00 level.