In the overnight session corn is down 2 1/2 cents, soybeans is up 1 3/4 cents and wheat is trading lower by 3 3/4 cents. This morning the U.S. dollar is trading about .20 percent higher with crude oil up nearly a dollar.
The crop progress report was released out yesterday afternoon showing that corn planting was complete and 91 percent of the crop has emerged. Crop conditions improved slightly with the excellent category rising to 13 percent from 12 percent last week. Corn rated good-to-excellent was unchanged on the week at 74 percent which met expectations.
Soybeans were 79 percent planted which is just 2 percentage points behind the four year average which hovers at 81 planted during this time. Soybean condition was a little bit behind the analyst expectations with 69 percent of the crop rated good-to-excellent. Last year during this time the crop was rated at 74 percent good-to-excellent.
Export inspections was released yesterday which showed that 302,725 metric tons of wheat was inspected for export which was within analysts’ expectations. Corn inspections were a bit on the light side at 740,543 metric tons, missing expectations which ranged between 775,000 and 975,000 metric tons. Soybean inspections outperformed analyst expectations with 216,590 metric tons inspected for export.
