Good morning friends!
Corn 345’2 (+2’2)
Soybeans 953’4 (-1’0)
Chi Wheat 407’0 (+3’2)
KC Wheat 405’0 (+3’2)
Cotton 67.15 (-.21)
Reminder, the USDA will release updated supply and demand data tomorrow at 11 am.
USDA released harvest reports this afternoon:
Corn: 35% harvested, conditions unchanged. The market could rally on this data. I was hearing expectations above 40%. It doesn’t change the crop outlook much, but it delays the arrival of product. Iowa and Minnesota haven’t really started yet. The weather should allow it this week to ramp a bit.
Soybeans: 44% harvested, conditions unchanged. The lag is slightly smaller than corn, but in the states that matter its only slightly behind. Tomorrow’s report could cause some mess tomorrow. The surprise would be if nothing happened.
Cotton: Conditions increased this week. If you have been reading me for a while, you know my stance on cotton. The US yield story appears to be moving toward the better which supports lower prices. The 67 cent price level is huge in regards to where we go from here.
Wheat: Plantings are right on pace at 59%. I have yet to see estimates for new crop from anywhere, as of yet.
WASDE tomorrow! I’ll be back in the morning with a preview.
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