Corn

NASS data released this afternoon showed the US corn crop 88% silking, on par with normal, as 46% were in the dough stage and 7% dented, both ahead of normal.

This morning’s Export Inspections report showed 1.213 MMT (47.77 mbu) of corn shipped during the week that ended on August 1. That was more than triple the same week of last year and a 13.37% improvement from the previous week. Japan led all destinations with 520,940 MT in shipments, with 262,587 MT headed to Mexico. Total marketing year exports have totaled 47.88 MMT (1.885 bbu) as we head into the last month of the MY, a 35.97% increase from last year.

Corn prices continued to rise in the early week session. The settlement price for September Corn Contracts on August 5 was 390.75 cents/bushel, up 1.1% from the previous week's close.

Soybean

Crop Progress data showed the US soybean crop was 86% blooming, with 59% setting pods, both faster than the average pace for the growing season.

USDA’s FGIS Export Inspections report showed 261,203 MT (9.56 mbu) in shipments through the week ending on August 1. That slipped 10.2% below the same week last year and a 36.1% drop from the previous week. Indonesia was the lead destination of 85,629 MT, as 76,838 MT was headed to Mexican destinations. Accumulated marketing year shipments have totaled 43.03 MMT (1.58 bbu) since September 1, down 15.3% from last year. 

The price of September Soybean Contracts also rose in the early week session. The settlement price on August 5 was 1,031.5 cents/bushel, up 1.33% from the previous week's close.

Wheat

Crop Progress data showed 88% of the US winter wheat crop now harvested, 6 percentage points above last week and above the 86% 5-year average pace. The spring wheat crop was 97% headed 2% below normal, with harvest now 6% complete vs. the 10% average pace.

Weekly Export Inspections data showed 440,888 MT (16.19 mbu) of wheat shipments in the week that ended on August 1. That was a 2.87% drop from last week, but 38.38% above the same week in 2023. The destinations were spread out, with Mexico leading the way at 69,721 MT. Total shipments have totaled 3.539 MMT (130 mbu) so far in the first two months, a 15.68% increase from last year. 

The price of September Wheat Contracts edged up slightly in the early week session. The settlement price on August 5 was 539.5 cents/bushel, up 0.09% from the previous session.

Source: Barchart