Grain Express 6/07/22
Posted: June 7, 2022, 8:19 a.m.
Corn (July)
Fundamentals: Yesterday’s Crop Progress report showed that the U.S. corn crop is 94% planted, 1% ahead of expectations and 2% ahead of historical average trends. 78% of the crop has emerged with 73% being rated in good/excellent condition, 5% better than the average analyst estimate. Futures have brushed off the good conditions and are finding strength as concerns over dryer forecasts add back some premium to the markets.
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Soybeans (July)
Fundamentals: Yesterday’s Crop Progress report showed that the U.S. soybean crop is 78% planted, 2% behind estimates but only 1% behind historical averages. 55% of the crop is emerged.
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Wheat (July)
Fundamentals: Yesterday’s Crop Progress report showed spring wheat is 82% planted, 4% behind the average estimate. 55% of the crop is emerged. Spring wheat harvest is estimated to be 5% complete. Good to excellent ratings remain steady around 30%.
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