Good morning,


Weaker markets to start the day with corn down 5 and soybeans down 32.


Last Friday’s crop report brought few surprises as the USDA changed very little on the balance sheets.  The only major adjustments were a reduction of 200 million bushels of corn exports and a slight increase in beans exports.


USDA 2021/22 US Carryout (Billion Bu)

  USDA June Ave Est. USDA May
Corn 1.485 1.437 1.440
Soybeans .205 .218 .235
Wheat .655 .666 .655



USDA 2022/23 US Carryout (Billion Bu)

  USDA June Ave Est. USDA May
Corn 1.400 1.340 1.360
Soybeans .280 .307 .310
Wheat .627 .614 .619


The forecast for the Central US is moving into a hot dry pattern.  The weather pattern that is setting up has almost no rain for the Central US over the next two weeks.  The hot air mass is entering the US today and builds into the very end of the 15-day model run.  This dome locks out almost a storm activity pushing all the rain into the Northern US and Canada.


Today’s US crop conditions in corn are expected to remain steady at 73% G/EX with the first soybean ratings of the season expected to come in between 68%-72% G/EX. Spring wheat planting progress will be monitored closely with just 82% planted last week and wet conditions lingering last week in ND & MN. Some corn acres in those areas will likely be switched to soybeans as well.


Have a Safe Day!


Garry Gard