In the overnight session the grains traded lower with December corn down 4 cents, November soybeans down 8 1/4 cents and December wheat up 2 cents. The outside markets are sharply lower this morning with the Dow down 2.5 percent and crude oil down $2.13 dollars after surging $4.00 higher yesterday. The global markets are lower this morning after China’s official manufacturing purchasing managers index for August fell to 49.7 from 50 in July. This marks the lowest level for the index since August 2012.
Crop conditions this week showed that corn good-to-excellent ratings declined 1 percent to 68 percent this week which was in line with analyst expectations. As of Monday 92 percent of corn was at Dough stage and 60 percent of the crop was Dented. Soybean conditions remained unchanged at 63 percent rated good-to-excellent this week which was better than expected.
Export inspections were strong this week with corn recording 1,000,175 metric tons beating the average guess which ranged between 775,000-900,000 metric tons. Soybeans was on the high side of expectations with 184,285 metric tons inspected for export, and Wheat beat expectations with 601,639 metric tons inspected at ports compared to the average guess of between 275,000-400,000 metric tons.
The Planalytics Agribusiness Weather brief showed that this week’s temperatures will remain above normal throughout the Midwest with chances of precipitation through eastern South Dakota, eastern Nebraska and Minnesota on Sunday. The 6-10 day forecast looks to bring wide coverage of precipitation throughout the corn and soybean belt with above average temperatures.
