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Red on the screen today, with corn, soybean, and wheat futures all lower. The downward pressure in soybean futures that started on Friday has continued through the start of this week, Nov soybean futures have lost 56 cents since Friday's overnight open price. A more favorable weather forecast through the US is pressuring beans lower, the hot dry weather forecasted is not in key growing areas. This week's US export inspections were higher compared to last week for all 3 commodities, and very close to the weekly average needed to reach the USDA's export projection. Corn inspections were 41.69 million bushels, soybeans 14.82, and wheat 15.85. US crop condition report that was released yesterday afternoon had 68% of corn as good/excellent, up 1% from last week, last year at this time the corn crop was rated 55% G/E. Soybeans were 67% G/E down 1% from last week, and up from last year's 52% rating.
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