Tuesday July 23, 2024
- Markets are mixed this morning, soybeans continue to recover from lows, solid crop condition ratings are weighing on markets
- China lowered interest rates yesterday from 1.8% to 1.7%, in an effort to boost its economy. This was the fresh news the soybean market needed
- China is currently experiencing its longest streak of deflation since 1999
- US Crop Progress Reports posting impressively seasonal year of ratings
- Corn conditions declined slightly last week from 68%G/E to 67% G/E, the trade expectations were 68%
- The crop is 61% silking nationally, vs 56% on average for this time of year
- Soybean ratings were steady at 68% G/E, above 54% LY
- Winter wheat harvest sitting at 76% complete, ahead of last years pace (65%)
- Spring wheat ratings steady at 77% G/E above the 49% LY
- Corn conditions declined slightly last week from 68%G/E to 67% G/E, the trade expectations were 68%
- USDA reported a flash sale of corn on Monday, 133,000mt to Mexico for delivery during the 24/25 Marketing year
- Export inspections for the week ending were neutral for corn and beans, slightly bearish for wheat
- SovEcon increased their 2024 grain production estimate up from 127.4 to 130.5 MMT, wheat up from 84.1 to 84.2MMT
- AgRural pegged Brazilian second-crop corn harvest at 83% complete, up from 74% last week and 47% last year
- US Weather:
- Above normal temperatures are likely to enter the Corn Belt this weekend, the heatwave extends into the 10-15 day period for the western Corn Belt