Grain markets are mostly lower at noon:
Corn +1/2 cents/bu (Sept @ 3.11 ½ )
Soybeans -2 cents/bu (Aug @ 8.80)
Chi Wheat – 6 ¾ cents/bu (Sept @ 5.04)
Cdn $ +0.00030 (75.32 cents)
WTI Crude Oil +0.24/barrel (42.43)
The USDA announced an export sale of 126,000mt of U.S. soybeans to China for 2020/21 delivery. Once again, despite another sale, soybeans are still lower today. The supply story of large carryout expectations is continuing weigh heavily on the market, not allowing the soybean futures to rally.
The Export sales report was released this morning for the week ending July 30th with all commodities within the range of estimates. It was another big week for U.S. export sales with Germany as a top buyer of old-crop soybeans. For new crop soybeans, China bought 474 thousand tonnes, Mexico bought 352 thousand tonnes, unknown bought 213 thousand tonnes, and Egypt bought 107 thousand tonnes.
| In Thousand Tonnes | Actual | Estimates | Last Week | Last Year |
| 2019/20 Corn 2020/21 Corn | 101.5 2599.5 | 100-600 2000-26000 | -29.3 638.7 | 42.6 197.0 |
| 2019/20 Soybeans 2020/21 Soybeans | 345.2 1405.0 | 200-550 600-1200 | 257.8 3344.2 | 101.7 318.3 |
| 2020/21 Wheat | 605.5 | 200-800 | 676.6 | 487.7 |
Private estimates continue to come in higher than the USDA number from July. We will have to watch for the new update from the USDA on Wednesday.