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.
