Quick Notes

Overnight

  • Crude is higher in early trade, WTI is up 22 cents 
  • Corn is 3 cents higher, wheat is up 2 cents and beans are 4 cents higher

Headlines

  • Agroconsult estimates the Brazilian corn crop at 55 million tonnes, a drop from their previous estimate of 57 million. Last year the crop size was 67.3 million.
  • Export inspections for the week showed wheat, corn, and bean exports within analyst expectations.
  • U.S. wheat exports are running 50% behind a year ago with the USDA currently forecasting a 6% increase,
  • China on Tuesday said it would remove import tariffs on animal feed ingredients including soybeans from five Asian neighbors, in a sign that Beijing wants to boost foreign supplies

Chart of the Day

National corn condition ratings lost the point this week that it had re-gained last week, though that was just what the trade was expecting and still leaves the number at a robust 77% good/excellent, the best for this comparable week since 1999. IL and SD were the only major producing states to rise in the ratings this week, partially offsetting some notable losses in a few key states—MN lost four points this
week to 84% with IA down 3% to 81%, as heavy rains continue to pound the key southern MN/northern IA region.