Highlights
The percent of the nation’s corn crop in the good to excellent categories improved 1% this past week to 51% good or excellent. The soybean crop went the other way, losing 1% to be just 50% good or excellent. The market expected both crops to improve 1% in the top two categories. See all the commodities’ and state by state reports at: grainstats.com
The total US soybean crush in May was 189 million bushels (5.58 million mts), 8 million more than in April and 2 million more than May a year ago.
The corn crush in May was 492 million bushels, up 6% from April’s corn crush, but down 2% from May a year ago. The corn crush for fuel alcohol was 438 million bushels
Russia will cut oil production by 500,000 barrels per day beginning August 1st.
China’s General Manufacturing PMI was 50.5 at the end of June, down from 50.9 in the prior month, but considerably better than the 50.2 market expected. China’s manufacturing economy has expanded two consecutive months, although at a slowing pace compared to May's, but that was an eleven-month high for the manufacturing PMI.