In the overnight session the grains traded mixed with corn down 2 cents, soybeans up 1 ¾ cents and wheat down 4 ¼ cents. The U.S. Dollar is lower by 1/5th of a percent and crude oil is up 14 cents this morning. This morning the USDA reported 110,000 metric ton sale of U.S. soybeans to unknown destinations.
The crop conditions report was released after the market closed on Monday and showed that corn and soybeans rated good-to-excellent was left unchanged at 69 percent and 62 percent respectively. Corn did show an increase in the excellent column by 2 percent which was offset by a 2 percent decline in the good column. Analysts were expecting to see corn ratings unchanged and soybeans conditions to decline from last week. In the state crop progress reports both Indiana and Ohio described some of the recently harvested wheat crop as being of very low quality with low test weights, high vomitoxin levels and high moisture content.
Export inspections showed that corn, soybeans and wheat all beat analyst expectations. In the report released on Monday corn showed 1,161,000 metric tons were inspected for export, above expectations which ranged from only 600,000-900,000 metric tons. Soybeans reported 306,000 metric tons compared to expectations of 110,000-215,000 metric tons and wheat reported 489,000 metric tons inspected for export. All three crops showed significant improvement over last week’s inspection numbers.
Egypt’s GASC was offered wheat from Russia, France, Ukraine and Romania in a tender for 55,000-60,000 metric tons of wheat that was issued yesterday. No wheat was offered from the U.S. and Russian wheat was the most competitive at $193.75 a metric ton.
