Spring Wheat Crop Worse Than Expected
Jun 20, 2017
Good Morning! Paul Georgy with the early morning commentary for June 20, 2017.
Grain markets are mixed as yesterday’s crop progress report rated crops in a worse condition than expected. Outside markets have another light report day, but will monitor geo-political events for their impact on the Dollar.
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Crop conditions were reported yesterday afternoon by the USDA. Corn was rated 67% good to excellent, just below the average trade guess of 68%. Corn is now 98% emerged. Soybeans were also rated 67% good to excellent, and also had an estimate of 68%.
Spring wheat was the big surprise on yesterday’s report, dropping 4% to just 41% good to excellent. The average analyst estimate was for an increase to 47%. Winter wheat was rated 49% GTE, a drop of 1% from last week and just under the average guess. Winter wheat is now 28% harvested.
US Export Inspections showed wheat exports of 739,634 tonnes, corn exports of 1,218,738 tonnes, and soybean exports of 275,461 tonnes for the week ending June 15, 2017.
The US Soybean Export Council suggests the annual Chinese buying trip set for July in Iowa could bring in a record soybean purchase. The annual buying trip is scheduled with a signing ceremony on July 13 in Des Moines. The current record is from 2012 when they signed deals for up to 13.4 million tonnes.
AgRural estimates the…