Rain makes grain! From the radar it looks like everyone across the great state of Wisconsin received rain overnight. Although some areas received damaging winds or possible tornados, the threat of a Derecho may have passed.
As of Monday, 7/26/21, the crop progress and conditions report of corn, beans, and spring wheat quality is declining. Corn is down 1 percent from last week on the good to excellent rating to 64%, which is down from the 5-year average of 72%. Corn is making progress on maturing a little ahead of average. The corn is at 79% silking and 18% dough. Beans are down 2 percent from last week on the good-to-excellent rating to 58%, this is down from the 5-year average of 72%. The bean conditions are also progressing quicker than the 5-year average. Beans are at 76% blooming and 42% setting pods. The biggest market mover was the decline in the good-to-excellent rating in spring wheat moving to 9%, which seems to be directly affecting the winter wheat market. This news is coming as the winter wheat harvest is coming to an end, causing an unseasonal rally in the SRW wheat market.
SRW Wheat is up 15c, and exports have been steady.
Corn is up 7-8c, with corn exports for 21/22 almost 5x higher that orders from the previous week.
Beans are up 15c across the board. The exports for beans have been quiet. There are concerns with temperatures in South America.
There are still conversations about the drought monitor, so I have attached some chats of the percent of corn and beans that are affected by drought.
Have a Safe Day!