

Weekly exports were above expectations with net sales of 13.6 million bushels (4.4 million bushels for 2012/13 and 9.2 million bushels for 2013/14). Exports were 4.3 million bushels. July soybean futures closed at $15.88. Jul/Nov and Aug/Nov future spreads were -$3.60 and -$2.04.
Soybean planting was reported July 1st at 96% compared to 92% last week, 100% last year, and a 5-year average of 98%. Soybeans emerged were 91% compared to 81% last week, 99% last year, and a 5-year average of 94%. Soybean condition was reported as: 67% good to excellent compared to 65% last week and 45% last year; 7% poor to very poor the same as last week and 22% last year. In Tennessee soybeans planted was reported at 85% (5-year average 94%), soybeans emerged were 67% (5-year average 85%), and crop condition was 82% good to excellent and 3% poor to very poor. Having 40% of the crop priced at this point should be considered. Downside protection could be achieved by purchasing a $12.40 November Put Option which would cost 60 cents and set an $11.80 futures floor.
Wheat


Weekly exports were within expectations with net sales of 21.8 million bushels for 2013/14 marketing year. Exports were 25.3 million bushels. On Thursday South Korea lifted the ban on U.S. wheat imports providing support to prices. July wheat future price was $6.56. Jul/Sep and Sep/Dec future spreads were -4 cents and 10 cents.
Winter wheat harvest reported as of July 1st was reported at 43% compared to 20% last week, 73% last year, and a 5-year average of 52%. Crop condition ratings for winter wheat were: 34% good to excellent compared to 32% last week; 42% poor to very poor compared to 43% last week. In Tennessee, winter wheat was reported as: 98% ripe compared to a 5-year average 91% and 80% harvested compared to a 5-year average 94%.
Nationally, spring wheat emerged was 93% compared to 90% last week, 100% last year, and a 5-year average of 99%. Spring wheat headed was 18% (5-year average of 32%). Spring wheat condition was reported as: 68% good to excellent compared to 70% last week and 71% last year; 5% poor to very poor the same as last week and last year. A $6.60 September Put Option would cost 25 cents and set a $6.35 futures floor.
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