Corn futures closed the day 2 to 3 cents lower. After the close, USDA showed 16% of the US crop is silking, well behind the 35% average for this date. Condition ratings in the top category were unchanged from last week, with 17% of the crop reported in Excellent condition. However, the Brugler500 index declined 4 points from 371 to 366 due to declines in the other rating categories. Weekly export inspections came in at 8.867 (mbu) vs. 16.338 (mbu) the previous week. Market year date figures are now 615.087 (mbu) vs. 1,387,987 (mbu) the previous year. Corn opened 5-6 cents lower on Sunday night as at least some of the Plains and WCB got showers even if not the expected accumulations. Traders are expecting a typical (for July) decline of 1-2% in the USDA crop condition ratings to be released this evening.
|Sep 13 Corn closed at $5.40 3/4, down 3 1/4 cents,|
|Dec 13 Corn closed at $4.98, down 2 3/4 cents,|
|Mar 14 Corn closed at $5.10 1/4, down 2 1/2 cents|
|May 14 Corn closed at $5.18 1/4, down 2 1/4 cents|
Soybeans closed the day sharply higher, with the front month August contact leading the way adding 29 cents, while November finished 13 higher. After the close, USDA announced the latest crop condition ratings in the top category were unchanged from last week, with 13% of the crop reported in Excellent condition. However, the Brugler500 index declined 1 point. August Meal futures also added impressive (or horrifying depending on your perspective) gains today, closing $20.00 higher. Weekly soybean export inspections came in at 2.847 (mbu) vs. 3.08 (mbu) the previous week. Current market year to date figures are now at 1,295,661 (mbu) vs. 1,266,805 (mbu) from the previous year. Old crop beans continue to be supported by meal demand and limited supplies of soybeans to crush.
|Aug 13 Soybeans closed at $15.20 1/4, up 29 1/2 cents,|
|Sep 13 Soybeans closed at $13.48 3/4, up 22 3/4 cents,|
|Nov 13 Soybeans closed at $12.88 1/2, up 14 1/2 cents,|
|Jan 14 Soybeans closed at $12.92 1/2, up 13 1/4 cents,|
|Aug 13 Soybean Meal closed at $502.40, up $20.00,|
|Aug 13 Soybean Oil closed at $45.41, down $0.09|
Wheat futures closed 3 to 4 cents lower on the day. USDA showed 75% of the winter wheat crop is harvested, just below the76% average. Spring wheat is 85% headed vs. the 88% average for this date. Spring wheat condition ratings dropped to 68% good/ex vs. 70% last week. Weekly export inspections came in at 23.136 (mbu) vs. 24.459 (mbu) the previous week. Current market year to date figures are now at 159.761 mbu vs. 127.921 the previous year. The Ukrainian government has updated its estimate of wheat production for 2013 to 15.6 MMT. The current USDA estimate from the July WASDE report is 19.5 MMT.
|Sep 13 CBOT Wheat closed at $6.59 3/4, down 4 3/4 cents,|
|Sep 13 KCBT Wheat closed at $7.02, down 3 1/4 cents,|
|Sep 13 MGEX Wheat closed at $7.46 3/4, down 3 3/4 cents|