Grain markets are mixed at midday:
Corn +2 ¼ cents/bu (Sept @ 3.10 ½ )
Soybeans -3 ¾ cents/bu (Aug @ 8.80)
Chi Wheat +1 ½ cents/bu (Sept @ 5.09 ¾ )
Cdn $ +0.00475 (75.41 cents)
WTI Crude Oil +1.22/barrel (42.92)
Grain markets are mostly higher at midday led by corn and wheat futures which are showing minimal gains after yesterday’s sharp declines. The Canadian dollar has continued to strengthen today upon fears of U.S. economic fall out pushing the U.S. dollar down.
Lebanese grain supplies were a big topic of conversation after videos flooded social media showing an explosion near the port in Beruit. This country uses at least 1.35 million tonnes of wheat annual, and imports 1.2 million tonnes of that. It is unknown whether any wheat was lost in the explosion.
The USDA announced a flash sale this morning of 192,000mt of U.S. soybeans for delivery to China for the 2020/21 marketing year. Soybeans have not reacted much to this announcement as they remain just under unchanged.
The EIA Report was released this morning for the week ending July 31st. Crude Commercial Oil Stocks declined 7.4 million barrels from last week to 518.6 million barrels. Fuel ethanol stocks increased by 0.1 million barrels to 20.3 million barrels. Ethanol supply decreased to 931 thousand barrels, down from 958 thousand barrels, and from 1,040 thousand barrels in the same week last year. Ethanol utilized an estimated 93.7 million bushels of corn in the week ending July 31, down from 96.5 million the previous week and 103.7 million in the same week last year.