In the overnight session the grains traded higher with corn up 1 1/4 cents, soybeans up 3 3/4 cents and wheat up 4 cents going into the morning pause. Crude oil is trading lower by 35 cents and the U.S dollar index is up .44 percent. Yesterday morning two reportable sales announced that 120,000 metric tons of corn was sold to Mexico and 120,000 metric tons of new crop soybeans was sold to unknown destinations.
U.S. crop conditions were left unchanged this week with 68 percent of the corn crop rated good-to-excellent and 63 percent of the soybean crop rated good-to-excellent. Analysts were expecting to see a slight decline in soybean conditions this week. The U.S corn crop is now 76 percent dented which is in line with the 4 year average pace. Eighteen percent of the soybean crop is dropping leaves compared to 16 percent in the four year moving average.
Export inspections were mostly within expectations for corn and wheat but were disappointing for soybeans this week. Soybeans inspected for export totaled to 93,308 metric tons which was below the analyst guess which ranged between 125,000-275,000 metric tons. Wheat inspections totaled to 371,343 metric tons and corn inspections totaled to 894,609 metric tons this week.
The Brazilian soybean crop is only a couple days away from planting season where forecasts for the 15-16 crop expect the South American country to reach 100.9 million metric tons up substantially from the 96.2 million metric tons produced this year.
