Morning Quick Notes

Overnight
Grains are lower near the break. Beans down 4 ½ cents, corn down 1 cent, and wheat down 1 ½ cents.  

Morning Headlines
USDA Report tomorrow at 11 a.m. Looking for yield increases on corn and beans.

Average trade guess for US 2018 corn crop is 14,872 mil bu vs USDA 14,827. Soybean crop is estimated near 4,733 vs USDA 4,693. US Average trade guess for US 2018/19 corn carryout is 1,919 mil bu vs USDA 1,774. Soybeans are est near 898 vs 845. Wheat is estimated near 950 vs 935.

The U.S. corn harvest was 34% complete versus 26% last week (26% average) and trade estimates of 34%.

The U.S. soybean harvest was 32% complete versus 23% last week (36% average) and trade est of 35%.

Chart of the Day
Weekly U.S. soybean export inspections posted a fourth straight weekly decline this week, to 20.9 million bushels, compared to 34.0 mbu on the initial week of the marketing year and 23.2 mbu last week, and 54.8 mbu on the comparable week last season. China was again absent from not just soybean inspections but for all of the grains this week—picking up (only some of) the slack were destinations like the U.K., Pakistan, the Netherlands, and Portugal.