Grains are higher to close:

Sept Corn + 15 3/4 cents/bu (5.71 3/4)

Dec Corn + 13 1/2 cents/bu (5.65 3/4)

Nov Soybeans + 15 ¾ cents/bu (13.88 1/2)

Sept Chi Wheat + 2 3/4 cents/bu (7.00 1/2)

Cdn $ +0.00090 (78.86 cents)

WTI Crude Oil -0.55/barrel (66.65)

No reports out today, and news headlines were relatively non-existent. Although it is a quiet day in the markets, it is far from that for our co-op and for many of our farmers. Rains this evening were spotty across Lambton County, but slowed or stopped many farmers from harvest for the day.

One headline that was released today was that a bipartisan group of U.S. senators proposed a bill Tuesday that would eliminate ethanol volume mandates under the RFS, saying that other biofuels have lower carbon emissions. Ethanol production accounts for about 35% of domestic annual U.S. corn use. This is a bearish headline for the corn market to say the least.

Crop conditions out west continue to seriously deteriorate with hot weather. Saskatchewan is Canada’s top producing wheat and canola state, and this short chart shows just how rapidly the crop is declining.