Morning Quick Notes

Overnight
Grains seeing pressure in the overnight with beans down 8 ½ cents, corn down 2 cents, and wheat down 3 cents.

Morning Headlines
Technical buying and short covering rallied soybean and corn over resistance. Some of the soybean buying was due to talk of better demand and lower U.S. soybean crops rating.

U.S. winter wheat plantings 65% versus 57% last week versus 58% a year ago and 67% average (trade estimate for U.S. Winter Wheat plantings 65%).

U.S. corn harvest was 39% versus 34% last week versus 27% a year ago and 35% average (trade estimate for U.S. corn harvest 40%). U.S. corn conditions were 68% good to excellent versus 68% a week ago and 65% a year ago (trade estimate for U.S. corn conditions 67%)

U.S. wheat YTD exports totaled 7.816 mt versus 10.650 mt a year ago (running 27% behind a year ago with the USDA projecting a 14% increase. Corn YTD exports totaled 6.836 mt versus 3.912 mt a year ago (running 75% ahead of a year ago with the USDA projecting a 2% increase. Soybean YTD exports totaled 4.723 mt versus 7.250 mt a year ago (running 35% behind a year ago with the USDA projecting a 3% decline).

Chart of the Day
“Bean demand day” exceeded trade expectations on both fronts yesterday, but continued to show divergent paths in terms of domestic vs export usage. Crushers continue to use soybeans like crazy by posting a Sept NOPA crush record by more than 20 million bushels. Exporters ramped up inspections on the week ending Thursday, doubling inspections from the week prior to 42.5 mbu, but that remained behind 65.6 mbu on the same week last year; cumulative inspections are already 93 mbu behind last year’s pace.