Corn finished the session 2-3 cents lower today with funds sellers of 1,000 contracts at mid-session – not quite the selling the trade expected as we end the week. Weakness in soybeans weighed on corn. For the week CZ fell 21 cents, but was relatively steady after Monday’s sell-off. Weather forecasts remain conducive to crop development. G&E condition at 70% does not look impressive against last year’s 75%, but compared to the previous 5 years it looks right in line. Doane’s crop estimate today has corn yield at 163.3 bpa and production at 13.2 bln. bu. Export picture remains convoluted. Mexico bot 108 tmt U.S. YC (72 tmt for 15/16 and 36 tmt for 16/17) while at the same time it is thought up to 500 tmt SA YC has been sold to the U.S. southeast for OND. (The sale is one thing – execution is another.) Cheaper SA values continue to cloud the export picture/expectations. Weekly ethanol report showing corn usage of 101.3 mln. bu. is down from the previous three weeks but above level needed to reach USDA projections.
Wheat found some support from the sale of 127 tmt wheat to unknown destinations, but wheat fell this week in sympathy with corn/wheat and lack of weather issues, with WZ losing 15 cents this week.
Overnight soybean trade was relatively quiet but this morning’s announcement of China cancelling 200 tmt of old crop bean purchases set the tone for the day session and soybeans fell 9-11 cents today. Funds were sellers of 4,000 contracts at mid-session. As with corn, most of the damage this week was done Monday, and while SX lost 25 cents this week, the contract actually firmed a bit from Monday’s close. Regarding China, it is also thought that the sales to China showing up in 14/15 yesterday will be moved to 15/16 in next week’s report. Coupled with continued cheaper offerings from SA, the trade remains concerned over export projections for 15/16. Doane’s crop estimate today has bean yield at 44.2 bpa and production at 3.675 bln. bu. U.S. crop conditions seem to be stabilizing/improving and the 62% G&E rating is in line with the overall average over the past five years. The market continues to hold to soybeans being an “August crop” and withholding judgment on crop size to some degree.
USDA Weekly EXPORT INSPECTIONS Monday 7/27/2015 @ 10:00 am USDA Weekly CROP PROGRESS Monday 7/27/2015 @ 3:00 pm USDA Weekly USDA EXPORT SALES Thursday 7/30/2015 @7:30 am USDA Monthly WASDE Report Wednesday 8/12/2015 @ 11:00 am HAVE A PREMIER DAY
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