Grains were mixed to close out the day.

Sept Corn – 9 1/4 cents/bu (5.42 3/4)

Dec Corn -8 3/4 cents/bu (5.31)

Nov Soybeans + 22 1/4 cents/bu (13.27 1/4)

Sept Chi Wheat -3 3/4 cents/bu (6.22 1/4)

Cdn $ -0.00090 (80.150 cents)

WTI Crude Oil -1.17/barrel (72.20)

No reports were out today due to Monday’s holiday delaying weekly releases. Diminishing demand is putting pressure on the grains as China seems to have gone quiet, and exports sales lately have been uneventful. With yesterday’s major drop, there were rumours swirling that China may be back to buy the dip, but that was not confirmed through any flash sales. Soybeans recovered slightly today, as it seems yesterday was an exaggerated drop. The wet and warm conditions sweeping across the Corn Belt this week, along with forecasts for more of the same, also held grains down as they provided relief to many of the drought stricken areas. Rain makes grain, and grain makes lower prices. Weather continues to steer the prices, especially with little additional news released today. Since we are in such a weather market, the potential for volatility based on weather incidents for better or for worse are to be expected from now until harvest.

Yesterday’s USDA Crop Progress Report showed a 1% drop in soybean good/excellent ratings and a 3 % drop in spring wheat good/excellent ratings, which is lending support to prices this morning. Corn conditions stayed the same good/excellent from last week at 64%.

Tomorrow we should see the EIA Report tomorrow, which will show the ethanol production and stocks for the week.

Funds are thought to have been mixed, with corn and wheat being sellers, and soybeans being buyers.