Tricky New Crop Basis Environment
Logan and Cody discuss what was moving soybeans in today's trade as well as the expectations for the two major USDA reports scheduled to be released on Tuesday. Cody discusses spot basis changes throughout the country this week and compares this years ne
Export Sales/USDA Report Discussion
Today we discuss the morning's export sales report and look toward next Tuesday's USDA report.
Corn Ratings Drop 2%
Today we discuss crop conditions released after the market close and what helped move grain markets higher.
Soybean Basis Turns Lower on the Week
Soybean basis was off sharply across the country, down nearly 14 cents on average. Today we discuss the cash market for corn and soybeans and what the markets will be focusing on next week.
Strong Weekly Sales for Wheat
Export sales were released this morning with strong sales reported for wheat and soybeans. Today we discuss the export sales report and trade technicals on soybeans.
Will New Russian Sanctions Impact U.S. Grains?
Today we discuss new Russian sanctions levied by the U.S. and European Union, and what impact this may have on the U.S. wheat market. Ethanol production was again strong and this is one balance sheet item that may need to be adjusted in the upcoming market
Soybeans Whipsaw Again
Cody and Logan discuss the latest round of reportable sales as well as the ethanol numbers due out during Wednesdays trading session. Cody talks about soybeans move lower today and gives his perspective on the movement.
Crop Conditions Slip
Crop conditions were revised lower more than expectations late Monday.
Alert: First Notice for August Soybeans is on Thursday, July 31st
Grains are trading lower in Chicago, with corn down 3 cents, soybeans off 10 and wheat unchanged to lower. This morning there were reportable sales of 135,000 metric tons of new crop Soymeal to unknown destinations and another 147,000 metric tons of corn to columbia for new crop delivery.
Crop conditions were released yesterday after the market close, with good-to-excellent ratings falling for both corn and soybeans. Corn is now rated 75% G/E, down a percent from the previous week. Soybean conditions fell 2% and is now rated 71% G/E. Soybeans have found some strength on weather concerns in recent sessions as the western corn belt has been dry as we enter pod fill. Looking at progress - 38% of soybeans are now filling pods and corn is 78% silking. 83% of winter wheat is now harvested.
Weather outlook seems to be supportive of a substantial rain event starting around the middle of next week and peaking during the weekend. The weather outlook favors the southwestern part of the grain belt which would eliminate any concerns for soybean yield in that area. Areas which could continue seeing dryness are parts of ND, SD, MN, WI, southern MI and northern OH.
This morning Ukragroconsult raised its 2014 corn and wheat harvest forecasts for Ukraine. The wheat forecast was raised to 21 million tons from 20.5 million tons and the corn forecast was lifted to 27 million tons from 25.5 million tons, both of which are now in line with the estimates released in the July WASDE report. As of July 28th, Ukrainian farmers have harvested over 17.04 million acres and gathered a total of 23.6 million metric tons of grain. Of the grain harvested, the agricultural ministry said 16.3 million metric tons of it was wheat and 6.8 million metric tons of it was barley.
Tune in as Cody describes the 24-cent higher move soybeans made and how new crop soybean sales are helping it out. Export inspections, weather outlook and crop conditions also were covered in this report.
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