Corn

This afternoon’s Crop Progress report showed 61% of the US corn crop silking by Sunday, 5% faster than the average pace. There was also 17%reported in the dough stage, 6% ahead of normal. Condition ratings slipped 1% across the US, with 67% rated good/excellent. That dropped the Brugler500 index by 2 points to 370, as 1% shifted from good to poor. 

USDA reported a private export sale of 133,000 MT of 2024/25 corn to Mexico this morning. 

Export Inspections data from Monday morning showed 970,539 MT (38.2 mbu) in corn shipments throughout the week that ended on July 18. That was nearly triple the same week last year, but down 11.14% from the previous week. The largest destination was again Mexico, with 334,758 MT in shipments, as another 275,872 MT headed to South Korea. Accumulated exports for the marketing year have totaled 45.58 MMT, (1.794 bbu), which is a 32.93% increase from the previous MY. 

Soybean

Dryness in the 7-day forecast and above normal temps in the 8-14 day outlook gave the market some support as we round out July and head to August.

The weekly Crop Progress update from NASS indicated 65% of the US bean crop blooming as of July 21, with 29% setting pods, both 5% ahead of normal progress. Soybean conditions were unchanged at 68% gd/ex, with the Brugler500 index remaining at 370.

USDA’s Export Inspections report from this morning indicated a total of 327,061 MT (12 mbu) in the week that ended on July 18, a 4-week high and 13.3% larger than the same week last year. The top destinations were Germany at 114,478 MT in shipments, with 89,863 MT headed to Indonesia. Marketing year to date exports have totaled 42.35 MMT (1.556 bbu), which is down 15.6% from the previous year.

Wheat

Crop Progress data from USDA showed 76% of US winter wheat area harvested as of July 21, a 4% increase over the 5-year average pace. As for the spring wheat crop, 89% was listed as headed, 1% behind normal. Conditions of the northern region crop were unchanged on the week at 67% good/excellent, as the Brugler500 rating dropped 1 point to 383 on a 2% increase in poor/very poor ratings.

Weekly Export Inspections data from Monday morning showed 237,965 MT (8.7 mbu) of wheat shipped during the week that ended on July 18. That was well below the previous week and down 34.11% from the same week last year. US exporters shipped 78,445 MT to Mexico, with 47,268 MT headed to Japan. Exports for the marketing year have totaled 2.591 MMT (95.2 mbu) in the first month and a half of the MY. That is a 20.22% increase from the same point last year.

Source: Barchart