Grains posted double-digit gains in the overnight thanks to renewed fears about the crop conditions.
After the close on Monday, USDA reported corn conditions were 1% to 64% good-to-excellent. There were noticeable declines in Iowa, North Dakota
and South Dakota which were 6 to 7% lower, while Kentucky, Nebraska, North Carolina, Kansas and Wisconsin were each down 2 to 3%. Corn is silking is at 40% vs 53% this time last year. Bean conditions were off 1% to 61% G&E, and like corn, going through the state by state there was a lot of variability. North Dakota was off 7%; Iowa, Kansas, North Carolina and South Dakota were each off 4 to 5% and Nebraska, Ohio and Wisconsin were each off 3%.
Yesterday, NOPA crush numbers were disappointing for the month of June with soybean crush at 138 versus 143 expected. YTD NOPA crush for the 2016 marketing year is on par with the 2015 mark, but USDA expects a 0.7% higher crush in their 2016/17 marketing year projections. With two months left in the year we will need to see a ramp-up in production to meet the forecast as the last 3-months have averaged 4.2% below last year’s mark.
Overnight rainfall was observed in E SD, parts of NE and MN. Highs in the 100s were confined to central SD. The next 4 days should see 100 degree temps in NE, KS, SD but much of the WCB will only see mid-90s. Precip in the next 14 days is expected to total less than inch of rain in NE, SD, ND and IA.
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