Grains are lower at midday:

July Corn -23 1/4 cents/bu (7.44 3/4)

August Soybeans – 58 1/2 cents/bu (115.05 1/2)

Sept Chi Wheat -29 3/4 cents/bu (9.59)

Cdn $ -0.00370 (76.965 cents)

WTI Crude Oil -1.97/barrel (104.22)

A quiet day for Floyd and I as some serious selling is occurring in the greater commodity markets. Soybeans are corn are seeing some of their biggest declines in months. December Corn is near its daily lower limit of 50 cents, while soybeans have slightly more room with their limit of 70 cents.

With inflationary and recessionary concerns in the forefront, the stock market is taking another hit.

Grains have no support as weather forecasts look slightly less aggressive in terms of heat and lack of moisture. The drought monitor for the US was released this week and showed that drought actually increased slightly in some areas of the country.

The story of Ukrainian grain which helped wheat and corn to climb since the end of February has been analyzed and reanalyzed, and many traders feel that it does not pose as much of a threat to global supply as originally suggested.

China’s soymeal inventories have tripled in the last 3 months as large volumes of soybeans arrived in the country, where demand for the animal feed is weak, Reuters reported.