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Minneapolis wheat hits new highs on condition concerns

Soybeans were modestly higher on commercial and technical buying. USDA’s first national rating of the year has beans at 66% good to excellent, down 8% from last year. Some forecasts have rain in parts of the Plains and Midwest over the next few days and it is pretty early in the season. That sentiment, along with increased export competition, pulled contracts down from the early highs. There’s some talk China will scale back soybean imports. Soybean meal was steady to weak and bean oil was up modestly.

Corn was modestly higher on commercial and technical buying. 67% of corn is in good to excellent shape, down 1% on the week, and the U.S. crop is officially fully planted. How many acres that actually represents is up for debate with new USDA acreage numbers out at the end of the month. Prevent plant numbers are scheduled to be out in August. Ethanol futures were higher ahead of the weekly EIA production and stocks numbers.

The wheat complex was higher on commercial and technical buying. Minneapolis took the lead after a big week to week drop in the spring condition rating, pushing the July contract to a new high. Dry conditions in most of the Plains should keep the winter harvest ahead of average, but some of the later developing winter crop could see some damage. Harvest activity is just getting underway in Kansas. Egypt says it will not return to a 0% ergot standard for wheat imports, staying with the current 0.05% standard. Taiwan bought 92,400 tons of U.S. milling wheat. Japan is tendering for 162,286 tons of food wheat from the U.S., Australia, and Canada.

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