Grains are mostly higher to close out the week:

Sept Corn -8 1/4  cents/bu (5.56)

Dec Corn -4 1/4  cents/bu (5.52)

Nov Soybeans + 11 3/4  cents/bu (13.91 3/4)

Sept Chi Wheat + 20 1/2  cents/bu (6.92 1/2)

Cdn $ +0.00010 (79.320 cents)

WTI Crude Oil +0.16/barrel (71.81)

Over the week, futures markets gained 34 cents on December 2021 corn, 41 cents on November 2021 soybeans and 79 1/4 cents on September 2021 wheat from market open on Monday.

Wanstead Farmers Co-op is currently drying our tough Soft Red Winter Wheat (SRWT) deliveries.  With our wet bins full of tough SRWT, we will be unable to accept delivery of tough Soft White Winter Wheat until sometime early next week. We have staff working tomorrow morning, and depending if anyone starts on wheat again, they may be working the afternoon as well. We would suggest calling before coming in tomorrow to ensure that someone is here to help!

The Co-op is continuing to offer our drying charge promotion on wheat deliveries up to 17.0% moisture (shrinkage still applies).  This program was instituted to encourage growers to preserve quality of their wheat by harvesting it before it was fully dried down.  Thankfully, many of you have taken advantage of the program.  With moisture levels falling off dramatically, we are re-evaluating how long the program stays in place.  We will update the website accordingly.

In market news, not much has changed since the midday commentary!

• This morning, the USDA confirmed the sale of 134,000 tonnes of U.S. soft red winter wheat to China in 2021/22, which started June 1.
• Corn prices started selling off shortly after the Commodity Weather Group released a report stating that below-trend yields are no longer likely, unless August goes hot and dry, and it is focused on how far above-trend yields might be.
• Another frost risk for southern Brazil is forecasted for Monday and Tuesday mornings. Parana has corn that is still vulnerable due to late planting this year.
• The Rosario Grain Exchange raised its Argentine corn crop estimate by 500,000 MT to 51 MMT, citing better-than-expected yields. The exchange reports 75% of the crop has been harvested to date.

And the main story of the day… Grain markets are higher based on hot/dry weather forecasts for the Plains and western Midwest for the next 10 days! The wheat crop (and canola!) is burning up!! The market is also realizing that for much of the North American Hard Red Spring crop, any rains now will come too late to materially impact overall production potential.  That will shift some demand into other classes of wheat (Kansas City, Minneapolis and Chicago), and we expect to see speculative money continue to flow into the entire wheat complex as a result. Today, Minneapolis September wheat futures hit a contract high of $9.25/bu (the highest front month price since December 2012).

Funds were thought to be mixed today with corn expected to have been a seller of 6,000 contracts (long 210,000), and soybeans and wheat were expected to be buyers of 5,500 (long 93,000) and 11,500 contracts (long 7,000) respectively. On Tuesday, funds were shorter than expected: 12,000 shorter for corn, 30,000 for soybeans and 16,000 for wheat.