FOR TUESDAY: (7/12) The 6- to 10-day forecast (July 16-20) shows hot, but seasonal moisture for the Midwest. Soybeans last week rated 71% good/excellent. On Tuesday, the USDA releases the monthly WASDE report with the trade largely expecting an increase in 2016/2017 corn ending stocks.
Tuesday’s WASDE report is expected to raise 2016/2017 soybean ending stocks from June’s 260 million. While rain has slowed the winter wheat harvest, custom harvesters continue to report big yields. There has been some slippage in test weights because of the rain, they said. The harvest moves into Nebraska and South Dakota next week.
Excess rain has hurt the crop in France, Europe’s key producer. Harvest starts there this month, with forecasts showing more rain. Last week, the EU estimated the wheat harvest at 144.6 million metric tons, down from the previous estimate of 145.1 million.
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