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Tidbits, Wheat Pricing, ENSO, Export Inspections, Markets & Rain Days Update 7/25/23

Levi near Mason City, Iowa sent this yesterday:

"Silks and tassels are out, but corn is rolling with the furnace getting turned up this week. Beans across the countryside started turning yesterday."

 

Highlights


The nation’s corn crop is rated 57% good or excellent, the same as a week ago and 1% less than the market expected. The soybean crop is rated 54% good or excellent, 1% less than the market expected and 1% less than a week ago. You can read all the various crops and state-by-state breakdown at grainstats.com.

During a four hour attack, Russia destroyed Ukrainian grain warehouses on the Danube River in a drone attack on Monday. The Danube is a vital grain export route for Ukraine’s grain now that its major grain ports are out of commission. It was just late last week Ukraine said it would rail grain to the Danube River to get loaded on ships. Ukraine also directed a drone attack at Moscow Monday morning.

The war is the primary driving force for higher wheat prices. Weather in the Corn Belt is the primary driving force for higher soybean prices. Both are driving corn prices.

Two weeks after the war started in “The Bread Basket of the World,” Soft Red Winter Wheat futures peaked at $14.25, Hard Red Winter Wheat peaked at $13.79 and Hard Spring Wheat peaked at $14.12. Those were the top prices traded when the world thought Ukraine and Russia would not be exporting any wheat in 2022. We do not expect wheat to get that high again because the emotion of the war has lost its fear-factor to a large extent.

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