Extended forecasts continue to call for a mix of normal temperature and precipitation across the Corn Belt which should aid in crop development.
The corn market found some spillover strength from the soybean market today. The lack of a hot and dry forecast continues to weigh on the corn market.
USDA export inspections for corn came in at 1.271 mmt, within the range of estimates. Corn inspections continue to close in on the USDA export goal by 15 to 20 million bushels per week.
Corn condition is estimated at 74% good/excellent vs last week’s 75%.
CIF corn was down 1-2 cents nearby and mixed in the deferred months.
Closes: September at $3.4175, up 0.5 cents, December at $3.5525, up 0.5 cents and March at $3.6725, up 0.75 cents.
Soybeans: up 11 @ $7.62
The soybean market found some technical buyers at contract lows overnight, and soybeans were able to continue that technical buying strength throughout the day session.
USDA export inspections for soybeans were seen at 635,429 tons, closer to the high end of estimates. Soybean inspection pace continues to slide and is only ahead of the USDA by 101 million bushels now.
NOPA crush for June was seen at 159.228 million bushels which was just shy of the average estimate. This is a 3% decline month over month, but still a record crush for the month of June. Oil stocks were seen at 1.766 billion pounds, down from 1.856 billion pounds last month.
Soybean condition is estimated at 70% good/excellent vs last week’s 71%.
August and November soybeans both set contract lows overnight before rebounding today.
Bean Closes: August at $8.295, up 10.75 cents, November at $8.4575, up 11.5 cents, and January at $8.56, up 11.75 cents.