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.

Weather N/A
Futures

July 30th- Closing Market Commentary

07/30/2021
July 30th- Closing Market Commentary

Grains are under pressure at midday:

Dec Corn – 11 cents/bu (5.47)

Nov Soybeans – 28 1/2 cents/bu (13.49 1/4)

Sept Chi Wheat -1 1/2 cents/bu (7.03 3/4)

Cdn $ -0.00265 (80.130 cents)

WTI Crude Oil +0.33/barrel (73.95)

Have a great long weekend everybody! Wanstead will be closed on Monday in observance of the Civic Holiday, but will reopen on Tuesday to serve you!

Lots of selling off occurred today as we moved into the weekend, and the end of the month. Bullish short-term weather forecasts turned slightly bearish this morning as rains are predicted to spread through the heart of the corn belt today and tomorrow before moving south on Sunday.  Dry conditions are on tap for next week, before rain chances re-appear in the 11 to 15 day. 

Yesterday’s 3rd day of the Wheat Quality Council Tour resulted in scouts projecting the North Dakota state average spring wheat yield @ 29.1 bushels per acre, the lowest on record going back to 1993.  The projected yield is down from the 5 year tour average of 43.6 bushels per acre, yet is 1 bushel higher than the current USDA projection of 28.0 bu/acre.

Based on the weather this week, crop ratings are expected to be unchanged for next week.

Internationally, Europe announced today that The European Commission now estimates the EU will harvest a 127.7 MMT usable common wheat crop in 2021-22, up 1.9 MMT from its forecast last month & up 9% from last year’s 117.2 MMT crop.

The Funds Report was released this afternoon as of Tuesday. Funds were shown to be longer than expected. Corn was 26,000 contracts longer, Soybeans 13,000 contracts longer, and Wheat 28,000 contracts longer. Today, funds were thought to be net sellers with corn and soybeans expected to have sold 10,000 contracts each (long 225,000 and 91,000 respectively), and wheat to have sold 1,000 contracts (long 15,000). 

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.
Privacy Policy