Soybean prices collapsed in Chicago on Monday. The soybean market saw one of its worst days of the year thanks to a big selloff due to the ongoing U.S.-China trade war. That pounding greatly affected other commodity prices thanks to the 2.5% decline in soybean prices.
This afternoon, the USDA released its weekly crop progress and conditions report. We are going to dig into those numbers and more, right now.
Let’s take a look at commodity prices in Chicago
Soybean Prices Crater
The selloff in Chicago was fast and intense. Ongoing concerns about tariffs hammered soybean prices. August soybean prices slumped 21.75 cents to close the day just under $8.56 per bushel.
The September contract shed 22.25 cents.
Today, the USDA reported that total export inspections came in at 24.1 million bushels.
This afternoon, the USDA reported crop quality and conditions. Analysts projected G/E ratings of 70%.
The agency said that 71% of the soybean crop is rated G/E. That figure is in line with what was reported last week.
Pollination Levels Hit Corn Prices
September corn futures slipped 6.25 cents to $3.54. Pollination expectations weighed on the market. The USDA reported that corn inspections hit 57 million bushels last week. That was a bit lower than the 60.6 million during the previous week, but it fell in line with expectations.
Yesterday, the USDA reported weekly progress. Analysts had projected that corn crop rated G/E would come in at 76%. Let’s look at what the USDA said after the close of trading.
The agency said that 75% of the corn crop was rated G/E. That was a one-point decline from the previous week.
Wheat Prices Sink
Harvest pressures sank wheat prices in Chicago. The SRW contract fell 7.25 cents to close at $5.08. The HRW contract for the same month in Kansas City dropped 6.5 cents to end at $5.065.
Trade inspections fells short of expectations. The USDA reported that the number of inspections came in at 9.9 million bushels. That was under the low end of trade analysts’ forecasts.
The markets largely ignored a big purchase of barley by Saudi Arabia and instead soaked in the massive amount of exports out of Russia. In the first five months of 2018, Russia has exported more than 628 million bushels of wheat. That is way more than the 371 million reported during the start of their 2017.
This afternoon, the USDA reported crop progress and quality. Here is what you need to know.
The agency said that 63% of the winter wheat crop has been harvested. That number is a nice pop from the 51% reported during the previous week.
On the spring wheat side, crop rated G/E hit 80%. That will certainly weigh on prices tomorrow. The figure is a three-point jump from the 77% figure last week.
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