Compared to last week, wheat and corn closed with slight to modest gains this week, as soybeans closed lower. This past weekend saw heavy rains across Iowa and Northern Illinois while areas south and in the Central Corn belt recorded very little if any rain. There is support from the high temperatures for the month of July was near record highs for many parts of the Midwest. With the corn market it is all about the weather at this time of the year, and last week’s heat did take a toll on the U.S. corn crop as total acres rated good to excellent fell 4 percent to 62 percent which is the lowest level of the year. On historical basis this is still equal to the 10-year average for good/excellent ratings. The corn market remains very vulnerable to change in prices with the weather forecast as this is a critical time for corn yields to be made.
Wheat market was lower but did find some support at mid-week as spring wheat crop tour reported less yields than expected. Wheat export sales were slightly on the bearish side and increased competition from wheat sales from Russia and the Ukraine pressured the wheat market. Soybeans traded lower, but continue in a sideways trading range this week with trade still in a wait and see mode.
Weekly export sales for soybeans totaled (old and new crop) of 372,700 mt (13.7 mb), with light old crop sales of 10,500 mt. Corn had bearish export sales of 484,900 mt (19.1 mb), with old crop sales of 331,500 mt (13 mb). Wheat had slightly bearish export sales of 473,800 mt (17.4 mb).
Wheat closed mostly 5-26 cents higher for the week. Yellow Corn was mostly 3-7 cents higher. Sorghum was 4-6 cents higher. Soybeans were mostly 7-21 cents lower.
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