Ag Futures: "Grain Markets Rebound on Crop Rating Support"

From AgWeb, July 2:

Grain markets continued sliding on crop weather improvements, including warmer Midwest temperatures over the weekend and beneficial rains in northern areas, helped delayed crop growth. The grain markets recovered from their lowest prices in three weeks after this week’s crop progress report pegged crop conditions below analysts’ forecasts.

President Trump said trade talks with China were under way and any deal would need to be somewhat tilted in favor of the U.S. President Trump and Chinese President Xi Jinping agreed in a meeting at the G20 summit in Japan to restart trade talks after the last major round of negotiations collapsed in May. Trump said China has had a "big advantage" over the U.S. in trade for "many years." "So obviously you can't make a 50-50 deal. It has to be a deal that is somewhat tilted to our advantage," Trump said.

USDA Weekly Crop Progress report showed corn planting at 99% complete (96% last week, 100% last year and 100% 5- year average). Corn condition rating at 56% GTE (57% GTE estimate, 56% GTE last week). Soybean planting at 92% (93% estimate, 85% last week, 100% last year and 98% 5-year average). Soybean condition rating at 54% GTE (56% GTE estimated, 54% GTE last week). Hard red Spring wheat condition rating at 75% GTE (75% estimate, 75% GTE last week). Hard red Winter wheat condition rating at 63% GTE (61% estimate, 61% GTE last week, 37% GTE last year, 39% GTE 5-year average).

China has found the fall armyworm in the major corn-producing province of Shandong in the north, although it has not yet damaged any crops there, the Beijing News reported. Fall armyworm feasts in large numbers on the leaves and stems of many plant species, and can infest and damage hundreds of hectares of corn overnight....MUCH MORE