Corn, soybeans, and wheat were higher following the overnight. Corn up 11 cents and soybeans up 26 cents, moving off of yesterday’s momentum. Wheat was up 6 cents.
The WASDE report that came out yesterday at 11:00 am CDT reported corn old crop 1,701 and new crop 2,081. Soybeans old crop was reported at 350 and new crop was 290, and wheat new crop was reported at 1,105. Overall fairly consistent numbers with the predicted outcome.Investors continue to follow the weather outlook and remain hesitant. The USDA slashed its outlook for global inventories by the end of the 2016-17 crop year and forecast a spike in U.S. exports to a four-year high.
Reports of a hot and dry forecast have raised fear of damages to crops. NOAA’s 8-14 day temperature outlook shows much of the Midwest at risk for higher temperatures.
Showers expected to continue around the Great Lakes area into tomorrow. Weekend rains are predicted to favor the central Midwest. Looking at the rest of the week, high projections are peaking in the low nineties in the north/eastern Midwest. Along with projected highs of mid-nineties or better central southwest. The 16 to 30 day forecast is forecasting near to above normal temperatures, posing the warmest/driest risk for the northeast and areas in the deep south.
Russia’s head weather forecaster, Hydromet Centre, reported that Russia’s favorable weather could result in the largest grain crop since in post-Soviet history. They are expected to harvest 110 millions tonnes of grain this year, up two million from tonnes from the record crop of 2008 according to the agricultural ministry.
Egypt’s FAO report show that ergot is not a threat to the wheat crop. "Because the fungus is not able to settle in Egypt, it's not possible for it to spread and therefore it cannot cause economic losses, which makes it unnecessary to take preventative measures," part of the FAO report sent by the ministry said.
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