Soybeans were mostly higher on profit taking in July against speculative and commercial buying, in addition to the lower dollar. Weather was a big factor for new crop after a fairly hot, dry weekend in some of the key U.S. growing areas and China bought 165,000 tons of new crop U.S. beans. USDA reports that as of Sunday, 94% of this year’s U.S. crop is planted, compared to 63% a year ago and 75% on average, with 79% emerged, compared to 39% a year ago and 50% on average, and in the first rating of the season, 65% of corn is in good to excellent condition. Soybean meal was up and bean oil was down on product spread adjustments.
Corn was higher on fund and commercial buying, along with the lower dollar. Corn is also keeping an eye on weather with continued nervousness about the crop meeting USDA’s projected yield of 166 bushels per acre. Export demand’s been a little slow as of late, but the cash basis is firm, reflecting the tightness of supply. According to USDA, 97% of corn emerged, compared to 75% a year ago and 83% on average and 72% is rated good to excellent, unchanged from last week but with 2% moving from the good category in to excellent. Ethanol futures were higher. According to Celeres via Dow Jones Newswires, Brazil’s winter corn crop is in good shape with widespread harvest getting underway.
The wheat complex was higher on commercial buying, short covering, and the lower trade in the dollar. Kansas City led the way on concerns about yield and the hot, dry conditions across the Southern Plains. USDA states that 88% of the winter wheat crop has headed, compared to 77% a year ago and 80% on average, with 20% harvested, compared to 7% a year ago and 3% on average, and 52% of the crop in good to excellent shape, down 2% on the week, while for spring wheat, 3% headed with no comparison available and 78% is in good to excellent condition, down 1% from a week ago. European wheat was lower on the recent rainfall in Germany and Poland. Russia’s Ag Ministry reports spring grain planting is 96% complete.