Tuesday August 27, 2024

Corn, beans and wheat are all making gains this morning
Large US yield and production expectations continue to weigh on grain markets, crop condition ratings declined this past week with the fall in corn steeper than expected
US Crop Conditions Report
- Corn conditions declined last week from 67% G/E to 65%, falling below the trade expectation of 66%. Still ahead of the 5 year average
- Soybean conditions dropped a point from 68% G/E the previous week to 67% G/E, this met the trade’s expectations. Bean conditions are well above average (see figure below)
- Spring wheat was rated 69% G/E vs 73% the prior week and 62% on average.
  - Spring wheat harvest is slightly behind schedule, sitting at 51% harvested
Export inspections
- All inspections were within expectations, corn falling on the lower end of estimates
- Corn fell just below USDA expectations (35.2 MBU)
- Wheat is on track to meet the USDA (15.1 MBU)
- Beans are ahead of USDA expectations (19.7 MBU), the highest weekly inspection of beans since May
Export sale of 127,760MT of corn for delivery to Mexico during the 24/25 marketing year
Farmers in Brazil have started to plant their first corn crop for the 24/25 season
Central US weather headlines: Continued hot temperatures and widely scattered showers for another 2-3 days before a lengthy period of dry weather develops for the first half of September