Corn traded higher today after a wet weekend, and wet day for much of the U.S. Wet weather continues in the U.S. extended forecast. Crop progress showed corn planting at 96% and corn emerged at 89% versus the average of 99%. Conditions were 56% good/excellent versus the average of 77%.
Weekly export inspections were 617,740 tonnes, near the low end of estimates ranging from 600,000 to 800,000 tonnes.
EU corn imports were 23.25 million tonnes versus 17.3 million tonnes last year.
Closes: July at $4.46 ¾ up 4 ¼; September at $4.51 ¾ up 4 ¼; December at $4.57 ¼ up 3 ¾; March at $4.63 up 3 ¾.
Soybeans up 7 @ $ 8.29
Soybeans traded higher today on similar weather concerns to corn. The market was also waiting to see what the crop progress report said, with the average estimate for soybean planting at 88% versus 77% last week. The report showed soybean planting at 85% and emergence at 71% versus the average of 91%. This week’s report also featured the first soybean conditions, which showed the crop at 54% good/excellent versus the average of 73%.
Weekly soybean export inspections were 682,155, near the middle of estimates ranging from 500,000 to 775,000 metric tonnes.
EU soybean imports were 14.7 million tonnes versus 13.5 million tonnes last year, and soymeal imports were 17.4 million tonnes versus 18.75 million tonnes.
Closes: July at $9.09 up 6 ¼; August at $9.14 ¾ up 6 ¼; November at $9.32 ¾ up 5 ¼; January at $9.45 ½ up 5 ¼.