
Grains remain red at midday:
Sept Corn -13 cents/bu (6.26 3/4)
Nov Soybeans -42 cents/bu (14.12 1/4)
Sept Chi Wheat -5 1/4 cents/bu (8.00 3/4)
Cdn $ -0.00820 (77.440 cents)
WTI Crude Oil -2.68/barrel (89.41)
The crop progress and conditions report was released this afternoon (post close) and showed:
- Corn condition 57% Good/Excellent (58% Last week, 60% Last year, 63% Avg)
- Soybean condition 58% G/E (59% LW, 56% LY, 61% Avg)
- 90% of the winter wheat is harvested (86% LW, 97% LY, 94% Avg)
- 16% of the spring wheat is harvested (9% LW, 55% LY, 35% Avg)
- Spring wheat condition 64% G/E (62% Avg)
Many factors were playing into a weaker complex today including a lack of flash sales, weak Chinese economic data being released (makes the USD stronger), wetter weather, and the trade just profit taking overall.
Arlan Suderman retweeted some weather data from StoneX which highlighted that "Good rains are expected in some dry areas of the southwestern Corn Belt this week, with significant rains expected in dry areas of the South next week". Good rains (in a soybean making month) are not good for futures overall and makes it hard for corn or wheat to pull ahead either.
Massive soybean movement today with Sept futures moving 66 ½ cents and Nov futures moving 57 ¾.
NOPA also released their crush numbers for July 2022 this morning. Crush numbers in million bushels came up within the range, but below the average estimate.
It is reported thar Another 5 vessels with food-related products expect to leave Ukrainian ports via grain corridor tomorrow early morning.
Funds were thought to have been all sellers.