Grains are mixed to close:
Sept Corn +2 1/2 cents/bu (5.49 3/4)
Dec Corn + 3 3/4 cents/bu (5.46 3/4)
Nov Soybeans + 6 cents/bu (13.57 3/4)
Sept Chi Wheat – 7 cents/bu (6.77)
Cdn $ +0.00180 (79.695 cents)
WTI Crude Oil -0.16/barrel (71.91)
Grains opened lower, as some scattered rains fell in the U.S. and Canada over the weekend, and many areas including the Midwest were reported to have a chance for rain later this week. Soybeans and corn began to rally slightly at midday amid rumours of Chinese buying. China has been quiet in purchasing grain lately, so if this headline is realized we may see prices firm up this week as demand is reassured. The crop progress report showed decreases in good/excellent ratings of corn, soybeans and spring wheat, which is expected to support the markets though the overnights and into tomorrow.
The weekly export inspections report was released this morning for the week ending July 22nd and everything was within expectations. Marketing year corn export shipments to date fall short of the seasonal pace needed to hit USDA's target by 29 million bushels, versus short by 18 million previous week. Weekly shipments need to avg 57 million bushels thru August to hit USDA's current target. Marketing year soybean export shipments to date exceed the seasonal pace needed to hit USDA's target by 40 million bushels, versus 52 million the previous week, and the gap keeps closing. Soybean export shipments must average 11.8 million bushels per week through August to hit USDA's target for the current year. They've averaged 7.6 million over the past 15 weeks. Marketing year wheat export shipments to date fall short of the seasonal pace needed to hit USDA's target by 9 million bushels, versus being short by 11 million the previous week.
| In million bushels | Actual | Estimates | Last Week | 10-Week Average |
| Corn | 40.8 | 27.6-47.2 | 42.4 | 59.1 |
| Soybeans | 8.9 | 3.3-11 | 5.3 | 7.2 |
| Wheat | 17.6 | 11-22 | 19.6 | 17.6 |
The Crop Progress and Conditions Report was released this afternoon after the close.
Highlights:
-Corn condition 64% Good/Excellent (65% Last Week, 72 Last Year, 68% Average)
-Soybean conditions 58% G/E (60% LW, 72% LY, 65% Average)
-Spring Wheat Condition 9% G/E (11% LW, 70% LY, 64% Average). This is the worst spring wheat crop since 1988. In that year, almost 22% of the crop was abandoned.
These greater than expected drops in row crop ratings will put more market emphasis on the heat for this week across the Midwest, while the market currently is focused on next week’s forecast of moderating temperatures.
Funds were thought to have been mixed with corn and soybeans being buyers, and wheat a seller.