Notice: Using Internet Explorer may cause some issues with loading dynamic content such as Cash Bids. Please use a modern browser such as Edge, Firefox, or Chrome.

Dynamic Weather Icon for Today's Forecast
Weather N/A

July 28th- Midday Market Commentary

07/28/2021
July 28th- Midday Market Commentary

Grains are mixed at midday, with wheat pushing significantly higher:

Dec Corn +1 cents/bu (5.47 1/4)

Nov Soybeans -3 1/2  cents/bu (13.56)

Sept Chi Wheat + 16 ½ cents/bu (6.91)

Cdn $ +0.00210 (79.625 cents)

WTI Crude Oil +0.63/barrel (72.28)

The EIA Report was released this morning and it showed that commercial crude oil stocks decreased 4.1 million barrels, while ethanol stocks increased 200,000 barrels. Ethanol production was noted to decreased 14 thousand barrels per day to 1,150 thousand per day. The production of ethanol utilized an estimated 100.4 million bushels of corn in the week ending July 23, down from 101.8 million the previous week, but up from 95.6 million the previous year. Estimated marketing year to date corn use for ethanol totals 4.509 billion bushels, up 166 million or 3.8% from the previous year's pace. The total is down 31 million from the seasonal pace needed to hit USDA's target, although the deficit continues to shrink.

The markets are expected to be supported in the coming week as they kickoff the start of the US Hard Red Spring Wheat Tour, a tour which is bound to confirm what USDA Crop Ratings have shown for weeks – a disaster. Scouts on Day 1 of the Wheat Quality Council’s annual spring wheat tour found an average spring wheat yield of just 29.5 bu. per acre. That’s well below 2019’s 45.6 bu. per acre and the 5-year average of 43.3 bu. per acre.

Weather:

U.S.- We have one more day of heat across the Midwest, before a cooling trend takes hold going into the weekend.  Those moderating temperatures will bring some chances for rain, although most precipitation is forecast to fall east and south of Iowa.  Debate continues to rage as to whether the good crops in the central/eastern Corn Belt are enough to offset crop losses further west. From a weather perspective, southern Minnesota and Wisconsin saw rains yesterday, with the rest of the Midwest dry.  Weekend rains will favor the southern Plains, with chances for some precipitation in Missouri and southern Iowa.  6 to 10 day weather maps are trending drier than yesterday, but temperatures will be cool.  The 11 to 15 day maps do show moisture returning to the eastern Corn Belt, with above normal temperatures, but the north and northwestern Corn Belt look to remain dry.

Canada- The forecast for Western Canada is showing normal hot temperatures through the next week which will continue to put pressure on the already small wheat and canola crops.

Brazil- More frost is forecasted in one of the country’s large corn growing areas. 

Your choice regarding cookies on this site:

We use cookies to optimize site functionality and give you the best possible experience.
Privacy Policy

Your choice regarding cookies on this site:

We use cookies to optimize site functionality and give you the best possible experience.