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Grain Market Insight
Afternoon Grain Comments 7-30-2021 – Good afternoon. All the grains were lower at the end of the day session today, with soybeans leading the way lower. Corn pulled back today as the Dakotas got rain and the Western corn belt is expected to get rain in the next 5 days. Today, December corn lost all but 2 cents of its gains from the past week. Brazil’s second corn crop is 50% harvested and some analysts are expecting total production to be less than what the USDA projected in July. The USDA cut Brazil corn production by 354 million bushels from May-July and only added back 47 million bushels from US exports. Where will the other 307 million bushels come from? Soybeans erased all gains that were made this week and finished 2.5 cents lower for the week. A comment from Stonex, “Concerns about COVID slowdown affected bean oil demand caused soybeans to stumble as well.” Wheat was held back by corn and soybeans. The Minneapolis/Kansas City wheat spread fell 14 cents today to 230 cents. At the close of today’s markets cash wheat was down 2 cents, cash milo was down 11 cents, cash corn was down 11 cents, and cash soybeans were down 29 cents. Have a great evening and weekend!
Morning Grain Comments 7-30-2021 – Today is the last trading day of the week and month so that can be interesting but the news today is cooler temperatures and rain in the forecast. The markets seem to be reacting to the weather forecast but we can sometimes see money flow out of the grains on the last trading day of the month also. The StoneX Quick Editorial stated this morning “volume was light overnight and volatile action continues up into the end of the week; some rain is finally on the radar screen, though fore-casts remain mostly dry and generally warm heading up through mid-August.” Also, the International Grains Council lowered their world wheat production estimate by 37 million bushels. In world grain trade news, Pakistan purchased 8 million bushels of optional origin wheat and Sinograin in China reportedly sold 1.2 million bushels of GMO and non-GMO corn from their reserves. At the end of the night session at 7:45 this morning, Kansas City September wheat was 5.5 cents lower, Chicago September corn was down 4.75 cents, and Chicago November soybeans ended the night session 14.75 cents lower. Have a wonderful day and weekend.
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