An improved US crop condition rating weighed on soybean futures Tuesday, while corn finished slightly higher and wheat mixed.
Monday’s USDA crop progress report pegged the American soybean crop at 70% good to excellent as of Sunday, up 4 points from the previous week and topping trade expectations. The upgrade further reinforced the notion of a large US crop this year, which will follow on the heels of a bumper South American crop. On the other hand, NOPA numbers from this morning showed a total of 185.7 million bu of US soybeans crushed in June, above trade estimates. That was down 3.69% from May, but up 5.76% from last year and a June record. August beans fell 6 cents to $9.95, and November dropped 5 ¼ cents to $10.01 ¾.
Continued short covering and bargain buying from the previous day helped boost corn today. The national corn crop condition rating was unchanged on the week at 74% good to excellent, but still the highest for the middle of July since 2016. September gained 1 ¼ cents to $4.01 ¼, and December added 1 ¾ cents to $4.19 ¾.
Seasonal harvest continued to overhang wheat. The crop progress report showed the US winter wheat crop at 63% harvested as of Sunday, 1 point below the 5-year average pace. The spring wheat crop was 78% headed, 3 points ahead of normal, with the national condition rating up 4 points to 54% good to excellent – still far below a year earlier. September Chicago slipped 3 ½ cents to $5.38, September Kansas City added ¾ of a cent to $5.23 ¾, and September Chicago Spring wheat dropped 6 cents to $5.81.
