Good Morning! The grain markets are attempting a mild recovery following sharp losses over the previous two sessions. Lower crop ratings are offering mild support today while a wetter forecast is limiting today’s gains. US equities are higher despite news late on Monday that the state of California is shutting back down due to a 48% spike in Covid cases over the past two weeks. The US Midwest weather outlook appears wetter this morning with heavy rains now forecasted for the dry areas of central and southern IA, before pushing eastward into IL, IN and OH. Rain chances for many of these areas will be the best in weeks. NOAA’s extended maps continue with a drier and warmer than normal theme for the SW Belt into the Southern Plains while the rest of the Belt has increased rain chances. National corn condition ratings fell two points this week to 69% good/ excellent, still up from 58% last year and the 68% five-year average; corn silking jumped from 10% to 29% this week, above 14% LY but still behind the 32% 5YA, with doughing initially reported at 3%, versus 2% LY and the 3% 5YA. Soybean conditions fell three points to 68% g/ex, still up from 54% LY and the 63% 5YA. Soybean blooming and pod-setting remained ahead of their respective paces at 48% and 11% this week. The winter wheat harvest moved from 56% to 68%, up from 54% LY and the 66% 5YA. Spring wheat heading rose from 63%to 80%, above 72% LY but behind the 85% 5YA, with ratings there down 2% to 68$ g/ex (versus 76% LY and the 66% 5YA). China customs reporting June soybean imports at a record 11.16 MMTs, up 71% from a year earlier and up 19% from the 9.38 MMTs imported in May. Jan through June imports now stand at 45.042 MMTs, up 17.6% from a year ago. China imported 896,000 tons of meat in June, up 9.8% from May. China’s meat imports for the first 6 months of the year are up 73.5% versus a year ago. Have a great day! Wayne Kollis - Mike Rosenberg - Matt Zeman - Austin Behrendsen - Grant Johnson
Wed 7/15
Thu 7/16
Fri 7/17
Sat 7/18
Sun 7/19
High
80 F
84 F
92 F
96 F
91 F
Low
59 F
55 F
68 F
74 F
72 F
Precip
0%
20%
51%
Believe it or not, soybean decision time is upon us already! ...
Observations and reminders for this year's crop. ...
Be sure to routinely monitor the health of your crops by asking your CFE agronomist to take tissue samples....
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