Market recap (changes on week):
- July corn up $.21 at $7.63
- December corn up $.16 at $7.18
- July soybeans up $.16 at $17.15
- November soybeans up $.05 at $15.38
- July soybean oil down 1.42 cents/lb at 79.79 cents
- July soybean meal up $11 at $418.10
- July wheat down $.37 at $10.56
Highlights:
- US ethanol production was down 42 thousand barrels per day last week after hitting a calendar year high the week before. While corn used for ethanol production is up 8.6% year over year- we are falling behind the seasonal pace needed to hit USDA’s corn use for ethanol target.
- Export sales for old crop commodities remains weak but saw a week over week increase for corn, soybeans, and wheat. Grain Sorghum was the only commodity down from the previous week. New crop sales were strong for soybeans, continuing to add to large new crop soybean sales at this point of the year.
- Last week’s WASDE report made a few adjustments:
- Revised old crop exports down 50 million bushels and increasing old crop stocks 45 million bushels. The global corn balance sheet continues to grow.
- New crop wheat production was increased 0.3 of a bushel to 46.9 as USDA NASS showed the soft winter wheat yield offsetting losses in the hard red winter wheat.
- Old crop soybean exports were increased 30 million bushels decreasing projected ending stocks down to 205 million bushels. With no changes in new crop supply and demand expect smaller beginning stocks- ending stocks for 2022/23 were also reduced 30 million bushels.
- Weekly US grain export inspections were down for corn and grain sorghum while up week over week for soybeans and wheat. This was the first week of the 2022/23 marketing year for wheat.
- This week’s crop progress report showed 88% of the US soybean crop planted compared to 78% last week and 93% last year. Kansas and Missouri being the two slow states after North Dakota jumped 34% last week. Spring wheat is 94% planted up from 82% the week before. The corn condition score was down slightly to 379. A perfect score is 500, but that remains above last year.
- Winter wheat harvest has begun with 10% of the US winter wheat crop harvested as of last week.
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