Tuesday June 16, 2020

• Overall corn and soybean conditions are sitting at good not great – won’t be the best crop we have ever seen but also given the current forecast the trade is not counting on any major production scares through the growing season 
• This morning slightly in the green as the trade saw a bit of a slip in conditions ratings – with little risk already priced into the market these moves can’t go unnoticed
• Infroma updated their U.S. planting estimates yesterday 
  • Corn they set at 94.1 million acres – down 2.9 million from last USDA estimates 
  • Soybeans planted at 85.9 million acres – 2 million acres more than USDAs estimate 
• Weekly crop progress report for U.S. 
  • Corn 95% emerged in the U.S. – just above average pace, crop ratings down to 71% good/excellent, just slightly above average ratings of 69% g/e 
  • Soybeans 93% planted 81% emerged – crop ratings unchanged from last week at 72% g/e – again just above average ratings of 67% g/e
  • Winter wheat conditions ratings fell 1 point to 50% g/e just below average rating of 51% 
    • Harvesting has started at now 15% complete 
• Yesterday NOPA (National Oil-seeds Processors Association) soybean crush numbers came in yesterday below expectations at 169.6 million bu for the month of May – slightly below Aprils number of 171.8 million bu but still a new record for May beating May of 2018 at 163.6 million bu 
• The European Union cut their soft wheat yield expectations for this season from 85.1 bu/ac to 83.3 bu/ac – they also increased corn yield expectations from 126.5 bu/ac to 131.6 bu/ac