Grain markets are mostly higher:
Corn - ¾ cents/bu (Sept @ 3.15)
Soybeans + 5 cents/bu (Aug @ 8.96 ¾)
Chi Wheat +1 ¼ cents/bu (Sept @ 5.30 ¾ )
Cdn $ +0.00160 (74.58 cents)
WTI Crude Oil -0.14/barrel (39.78)
The USDA announced a flash-sale this morning for 114,300mt of corn to Mexico, and 222,000mt of soybean meal to the Philippines, both for 2020/21 delivery. That marks the last flash sale of July, ending the month with nearly 11 million mt of U.S. grain and oilseeds purchases throughout 38 separate sales. 78% of the sales went to China, 13% to unknown and 8% to known others.
Despite impressive sales throughout the month of July, the markets failed to rally significantly. Yesterday, the largest ever sale to China was made in corn, and yet corn finished the day just over unchanged. It seems that a lack of sales lately is more bearish than the sales are bullish.
August forecasts are looking cooler than originally expected which could extend the grain fill period for crops and increase the yields. This could expand the already large expected carryout, which is holding the corn market back.