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US Corn Falls to Lowest Mark in 2 Weeks

Weather outlook continues to look supportive of good crop production.

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U.S. Corn fell to its lowest in more than two weeks. This was a result of the USDA rating corn in better condition than the market had expected with regards to the weather. The USDA rated corn 75% good-to-excellent, which is unchanged from last week. Analysts had expected lower value. Soybeans were reported as 73% good-to-excellent one percent higher than last week's report and 8% higher than last years report at this time which totaled at 65%. Winter wheat reached 25% complete.

This morning exporters sold 132,000 Metric tons of US Soybeans to China for 2016/17 delivery. Another 126,000 MT of US Soybeans was sold to unknown destinations, of which 66,000 MT is for 2015/16 delivery, and 60,000 MT is 2016/17 delivery.

Agritel Consultancy lifts Ukrainian wheat crop estimate by 1.1 million to 23.0 million after crop tours shows yields could approach record highs.

Sterling silver hit its highest point against the dollar yesterday since early May, a result of worries that Britain will vote to leave the European Union .

China sold 1.14 million tonnes of corn from the state reserve at auction national trade center. The amount sold was about 58% of the total volume on offer.

The CME Group announced it will be adding European Wheat futures and options on September 12th of this year.

Heavy debts have been hindering Brazilian producers abilities to expand and reinvest in farming activities. Total area planted to grains grew by only 0.3 percent this year, compared with growth of 3 percent in 2015 and 5 percent in 2014.

The weather outlook continues to look supportive of good crop production. The 16 to 30 day is still showing little support for severe heat in the corn belt as pollination ramps up, which could lessen stress. In addition, the western Midwest trended wetter today for the 16 to 30 day, as a monsoon feed of moisture expands out of the Rockies.

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