7/17/2017 8:32:47 AM
- Weekly crop progress/conditions report out today at 3 PM CDT.
- NOPA crush report for June today at 11 AM CDT.
- Weather outlook for June 22-26 calls for heat across the Plains and Midwest, more dry weather for spring wheat areas, and rains to develop across the Eastern Corn Belt.
- The energy markets are mixed this morning, and the US$, CD$ are steady.
- China’s economy for the 2nd quarter was unchanged at 6.9% on strong consumer spending, factory output and investments.
- The corn market traded lower on prospects for improving chances for moisture this week.
- Last week’s crop conditions report showed the crop at 65% G/E, with silking behind the 5-year average at 19%.
- There are concerns of yield loss in the corn crop from dry weather conditions as the crop moves through its critical pollination period.
- naround from the investment community going from a big short position to a big long position.
Outlook: lower on a better chance of rain this week
- The soybean market traded higher on technicals and continued dry weather for the Midwest.
- The average trade estimate for the June NOPA crush report is 143.093 million bushels, with oil stocks estimated at 1.714 billion pounds.
- Palm oil closed at 2,537, down 14 ringgits. China bean markets were lower overnight.
- Crop conditions expected to show a decline of 1% after last week.
Outlook: technicals and lingering hot/dry weather for parts of the Midwest
- The wheat market traded mixed with Mpls higher against KC and Chicago.
- Australia’s wheat crop is expected to decline 20% on a lack of moisture in the major wheat growing areas.
- There are also concerns of tight supplies of wheat in China, Europe, Russia and the US from dry weather during the growing season.
- Taiwan tenders for 105,150 tonnes of US milling wheat. Jordan tenders for 100,000 tonnes of wheat.
- Crop conditions could show another decline in spring wheat conditions. Last week was reported at 35% G/E and 79% was headed out.
Outlook: Mixed with Mpls higher on dry weather in ND, SD, MT and Canada