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A good kickoff to the new week, led by good export inspections for the beginning of the marketing year for corn and soybeans, including a flash sale of beans to China. Marketing year to date wheat export inspections exceed the seasonal pace needed to hit USDA's target by 9 million bushels, up from 3 million the previous week.
As mentioned at midday... Thursday we have a USDA Report coming down the pipeline which may confirm or deny our current production estimates.
The crop progress and conditions report showed that corn dropped 1% good/excellent from 65% LW (52% LY, 56% Avg). Soybeans stayed steady at 65% good/excellent (52% LY, 57% Avg). Winter wheat planting advanced to 6% from 2% LW (5% LY, 6% Avg), while corn harvest kicked off at 5% completed (4% LY, 3% Avg). No surprises here.
In Brazil, dry weather has impeded progress, and much of the corn area will be without rain for the next 10 days. Brazil's first corn crop was 15% planted as of Thursday, slightly behind the previous year's 17% pace. Soybeans have not been sown yet due to the drought conditions, but it is still early yet for bean planting.
China announced the study of Canada’s possible canola could take a full year to complete, putting the market at ease about competing oil supplies into the US.
Statistics Canada's report showed total wheat stocks in the country as of July 31 at 4.6 mmt's, which is nearly 18% lower than last year.
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