Chicago market report - 17th July 2012
The USDA cut soybean crop ratings sharply once again, with only 34% now good/excellent and 30% now showing as poor/very poor.
Corn: Sep 12 Corn closed at USD7.76 3/4, up 36 1/4 cents,; Dec 12 Corn closed at USD7.72 1/2, up 32 1/4 cents. The USDA cut corn ratings by nine percentage points, with just 31% of the crop now rated good/excellent and 38% now said to be poor/very poor. 71% of the crop is now silking. "A strong ridge of high pressure is expected to shift westward toward the Rocky Mountains this week.
This opens the door for cooling in the Great Lakes, but also brings a hot forecast to corn states west of the Mississippi River. Des Moines, Iowa, is expecting highs near 100 F Monday and Tuesday, cooling to 95-97 F Wednesday through Friday. Omaha, Nebraska, will be 98 F, or hotter, all week long capped off with a 100 F on Friday," say Martell Crop Projections.
Wheat: Sep 12 CBOT Wheat closed at USD8.84 1/2, up 36 3/4 cents; Sep 12 KCBT Wheat closed at USD8.84 1/2, up 33 1/2 cents; Sep 12 MGEX Wheat closed at USD9.83, up 33 1/2 cents.
Funds were estimated as being net buyers of around 6,000 Chicago wheat contracts on the day. Spillover support from corn boosted wheat, along with further downgrades to Russian production and export hopes. The USDA pegged the US winter wheat harvest at 80% complete and dropped spring wheat good/excellent ratings by one point to 65%. Japan bought US HRS and white wheat over the weekend.
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