Corn

Predicted 5 day rain accumulations show 1-2” over the southern portions of the Corn Belt this week. The weekly Crop Progress report condition ratings at 68% gd/ex, unchanged from the week prior and a Brugler500 index of 372.

Crop consultant Dr. Michael Cordonnier raised his corn yield estimate 1 bu. to 180 bu. per acre given beneficial weather as corn started pollination. That increased his corn production forecast to 14.85 billion bushels. Cordonnier left his soybean yield and production forecasts at 52 bu. per acre and 4.39 billion bu., respectively.

Soybean

Crop consultant Dr. Michael Cordonnier raised his corn yield estimate 1 bu. to 180 bu. per acre given beneficial weather as corn started pollination. That increased his corn production forecast to 14.85 billion bushels. Cordonnier left his soybean yield and production forecasts at 52 bu. per acre and 4.39 billion bu., respectively.

Wheat

Weekly Crop Progress data suggested that 71% of the US winter wheat crop was harvested as of July 14, now 9% ahead of normal.

Egypt’s GASC purchased a massive 770,000 MT of wheat in their tender on Tuesday with 720,000 MT Russian and 50,000 MT Bulgarian. Japan is also tendering for 115,208 MT of US, Canadian, and Australian wheat, with 55,318 MT US specific. The EU Commission reports that the first couple weeks of the 2024/25 marketing year had 788,201 MT of wheat exported, which compares to 1.5 MMT shipped through July 14 last year.

Source: Barchart, Profarmer