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July 22nd- Closing Market Commentary

07/22/2021
July 22nd- Closing Market Commentary

Sept Corn – 7 1/4 cents/bu (5.64 ½)

Dec Corn –7 1/4 cents/bu (5.61 ¼)

Nov Soybeans – 27 1/2 cents/bu (13.62 1/4)

Sept Chi Wheat – 18 1/2 cents/bu (6.92 1/4)

Cdn $ +0.00025 (79.635 cents)

WTI Crude Oil +1.61/barrel (71.91)

Grains were selling off with a vengeance today. Lower demand (potential decreases in gasoline blending, as well as poor exports), and higher supply potential (wet forecasts in the corn/soybean growing areas) created the perfect storm for markets to dip lower.

The export sales report was released this morning and showed the following results in thousand tonnes. Exports were not very promising, with net cancellations in corn, and a poor performance in soybeans. The high prices in the commodity markets may be having a negative impact on encouraging any sales. China has not been a buyer of soybeans since June 24th!

Although markets are lower due to increased chances of precipitation, the U.S.’s drought increased across the northern states over the past week. Drought across the Canadian Prairies is significant as well with the canola and wheat crop shrinking rapidly.

Internationally, major flooding in the Chinese province of Henan is hitting headlines. It is reported that they have gotten 5 feet… yes feet… of rain since Monday. This province is a large producer of wheat (27% of the domestic production), and a mild grower of corn (9%). Although, Arlan Suderman economist at StoneX believes that the heaviest rains are impacting urban centers with low crop populations so there is little expected crop loss.

Funds were thought to have been all sellers today.

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