Grains are mixed post-report:

July Corn – 1/2 cents/bu (7.72 1/2)

August Soybeans -11 3/4 cents/bu (16.68)

July Chi Wheat -1 1/2 cents/bu (10.69 1/2)

Cdn $ -0.00705 (78.125 cents)

WTI Crude Oil -2.16/barrel (119.35)

As per normal, on the morning of a USDA report, typical headlines and weather forecasts that traders look to were rendered unimportant. This morning, we saw the markets fall as they positioned themselves ahead of the report.

The initial movement after the report was as expected with slight fluctuations (between 10 cents of where they were they were prior to the report, before settling close to unchanged). The trade remained relatively stagnant, showing that the trade saw what they were expecting. Up to this report, the trade was very quiet about its approach which signified that many people were not anticipating big moves from the data released at noon.

After digesting the report which was released at noon, corn, soybeans, and wheat all softened slightly and moved slightly higher than their initial positions. After this relatively uneventful and quiet report, the trade is once again looking to the skies and trading the hot-dry weather forecast.

Highlights from the report include:

• US corn carryout slightly increasing, while soybeans slightly decreased, and wheat stayed the same
• US carryout for 22/23 showed increases in corn and soybeans, while wheat was shown to decrease slightly
• World carryout showed increases to corn and soybeans from last month, while wheat decreased (corn increase is expected to be due to a bigger Ukraine crop)
• 22/23 world carryout increased for corn and soybeans while wheat fell
• Brazil production was the same for corn, while their soybean production in million tonnes increased by 1 million
• Argentina also increased their soybean production by 1.4 million, while leaving corn unchanged
• US wheat production for 22/23 slightly increased by .008 billion bushels to 1.737 billion bushels (this is expected to drop when the spring wheat is update in July as it has been so hot)
• Winter wheat production for 22/23 was up .008 billion, while hard red was down .008 billion, soft red was up 0.004, and white was up .012.

In the outside markets, inflation concerns are weighing on the futures prices.

Please note that the bids posted on our website are delayed 10 minutes.