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US grain futures solidly down at midsession amid non-threatening weather, good-looking corn, soybean crops

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US grain futures markets are trading with firm losses in mid-session dealings Tuesday. Corn futures are down around 6 cents, soybeans down about 13 cents and wheat futures 6 to 10 cents lower.

 

In corn, December futures prices are very near the contract low of $3.22/bushel. On Monday, USDA rated 72% of the US corn crop in good to excellent condition, unchanged from last week and in line with market expectations. The good and excellent rating number is unusually high for this time of the growing season.

 

Updated US Corn Belt weather forecasts for drier and warmer weather into mid-August have so far failed to provide much support to futures prices. This summer, the region has experienced some higher-than-normal temperatures, but they have been accompanied by timely rains in most of the region.

 

StoneX, formerly known as INTL FCStone, has forecast a US corn crop at 15.320 billion bushels on a record yield estimate of 182.4 bushels per acre.

 

Best US soya growth stage for 26 years

 

stage Soybeans saw USDA make an unusual increase in soybean ratings, adding 1% to the “good” category to push the overall good to excellent rating up to 73%. Soybeans have only rated that high or higher for the date in 1994 and 1992 since data began in 1986, according to statistics compiled by Pro Farmer.

 

Both years, USDA raised its July forecast by more than 5% in the August update and further increased yields into the final estimates in January.

 

StoneX forecast a US soybean crop of 4.496 billion bushels based on an average yield of 54.2 bushels per acre.

 

USDA’s daily export sales reporting program did not announce any new large grain or soybeans sales by private exporters today. The lack of new buying was disappointing for soybean traders as US-China tensions continue to rise.

 

US winter wheat futures saw December hard red winter prices drop to new contract lows Tuesday. Prices are down,both on rising world wheat crop notions and worries the Covid-19 pandemic could reduce global imports.

 

Agriculture consultant IKAR said Monday it had raised its forecast for Russia’s 2020 wheat crop to 79.5 million metric tons (MT) from 78 million MT. The Brazilian wheat crop could push above 7 million MT this year and reach a record high.

 

Wheat traders are looking for a higher spring wheat crop forecasts on in the USDA supply and demand report on August 12th after USDA raised the amount of the crop rated good to excellent by 3%, to 73%.

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