Grain Express 6/14/22
Posted: June 14, 2022, 8:25 a.m.
Flash-Sale Alert
Private exporters reported sales of 148,000 metric tons of corn for delivery to Mexico. Of the total, 103,000 metric tons is for delivery during the 2021/2022 marketing year and 45,000 metric tons is for delivery during the 2022/2023 marketing year.
Corn (July)
Fundamentals: Yesterday’s weekly Crop Progress report showed corn is 97% planted, 88% emerged, and Good/Excellent conditions at 72%. All within the range of expectations. Yesterday’s weekly export inspections came in at 1,199,976. This was also within the range of expectations. Dr. Cordonnier increased Brazilian corn production by 3mmt to 110mmt. The USDA is at 116mmt, we believe the market is pricing in somewhere in the middle of those two estimates.
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Soybeans (July)
Fundamentals: Yesterday's weekly crop progress report showed the U.S. soybean crop is 88% planted, 70% emerged, and a Good/Excellent rating of 70%. There were no major surprises here. Yesterday's weekly export inspections report came in at 605,129 metric tons, well above the 365,455 last week and 141,320 we saw in the same week last year.
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Wheat (July)
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