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July 22nd- Midday Market Commentary

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

Grains are down hard at midday:

Sept Corn – 9 3/4 cents/bu (5.62)

Dec Corn –10 1/2 cents/bu (5.58)

Nov Soybeans – 33 3/4 cents/bu (13.56)

Sept Chi Wheat – 23 cents/bu (6.87 3/4)

Cdn $ -0.0060 (79.550 cents)

WTI Crude Oil +1.14/barrel (71.44)

Grains are selling off with a vengeance this morning. Grains have been under pressure from the opening bell last night, in what is being called a delayed reaction to news earlier in the week that that suggested that the Biden administration was considering changes to the mandated blending requirements for ethanol in gasoline. Coupled with the blending concerns, forecasts turned slightly wetter in the 11-15day forecast, which created the perfect storm for the 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.

Although markets are lower due to increased chances of precipitation, the U.S.’s drought increased across the northern states over the past week.

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