Corn: North Burt down 2 @ $3.20
- The corn market traded lower on spillover weakness in the wheat market, rainfall across the Midwest with more rain in the forecast for this week.
- Closes: September at $3.62, down 2 ¼ cents, December at $3.76 ½, down 2 ¼ cents, July at $4.01 ½, down 2 cents and December 19 at $4.02 ¾, down 1 ¾ cents.
- Weekly export inspections were reported at 1.096 mmt compared to 1.262 mmt last week.
- Corn conditions were down 2% to 68% G/E versus 70% G/E last week.
- Day one of the crop tour looks to be finding above average yields in SD and OH.
Soybeans: steady @ $ 8.06
- The soybean market opened higher on hopes for renewed business with China as a third US soybean cargo unloaded at a Chinese port. Prices retreated, closing near the day’s lows on lack of confidence this week’s talks with China will result in renewed Chinese soybean purchases from the US.
- Closes: November at $8.93 ¼, up ½ cent, January at $9.05 ¾, up ¾ cent, July at $9.35 ¾, up 1 cent and Nov 19’ at $9.28 ¾, up ¼ cent.
- The products were mixed with meal down 1-2 bucks and soyoil up 13 points.
- Day one of the crop tour reports above average pod counts in SD and OH.
- Crop conditions are expected to be unchanged from last week.Last week was at 66% G/E.
- Weekly export inspections were decent at 639 tmt, despite the absence of Chinese business. This compares to 581 tmt the previous week