Corn: 2 to 3 higher
Beans: 2 to 4 higher
Corn is trading higher this morning in response to the USDA’s weekly crop progress and condition rating report released yesterday. Iowa’s rating was 83% good/excellent vs 85% last week and the national rating was 71% good/excellent vs 75% last week. While most states remained relatively unchanged CO, SD, NE, KS and TX saw significant drops in the range of 5-26%. The question remains, will the drop in conditions in a handful of states change the overall yield potential in the long run, or will the forecasted weather in the nearby improve conditions? Corn exports last week fell to an eight week low at 910,000 mt which is below the weekly pace needed to reach USDA’s 1.775 billion bu export projection.
Soybeans are also trading higher this morning in response to a slight drop in the conditions rating. Iowa remained unchanged from last week at 82% good/excellent as well as the national rating of 72%. U.S. soybean exports were within market expectations last week of 300-500 mt but similar to corn remain below the needed pace to meet the projected yearly numbers. Macro markets are also trading higher this morning helping to support both corn and soybean prices.
Do you still have an old crop in the bin to market? Do you have new crop sales on the books? If not, contact your local grain marketing advisor today and let's talk about your marketing options.