Grains are lower today:

July Corn -18 cents/bu (7.82)

July Soybeans -17 cents/bu (16.61)

July Chi Wheat -54 1/2 cents/bu (12.23)

CDn $ -0.00160 (77.78 cents)

WTI Crude Oil -2.35/barrel (110.07)

The markets are engaging in some profit-taking after major gains were realized earlier this week. With no new news exciting the markets to move higher, they are sinking lower. No news is not good news in this instance.

This morning we heard that the USDA confirmed a flash sale of soybeans to unknown destinations. 10.2 thousand tonnes for 21/22 delivery and 219 thousand tonnes for 22/23. The idea that the market may have been amping up for these sales yesterday on rumours and collapsed after this measly reporting is entirely possible.

The EIA report was released this morning and showed that commercial crude oil stocks decreased 3.4 million barrels to 420.8 million barrels. Ethanol stocks also decreased by 0.3 million barrels to 23.8 million barrels as ethanol production amped up 1 thousand barrels per day to 991 thousand barrels per day. Ethanol production used 99.3 million bu of corn last week, unchanged from the previous week but down from 102.2 million bu this time last year. Marketing year-to-date corn use for ethanol totals 3.745 billion bushels which is up 7.6% from the previous year’s pace, but fall short by 18 million bushels of the seasonal pace needed to hit the USDA’s current target.

The Kansas wheat tour continues today with some tour stops heading into more drought-ridden areas of the state, and some heading into areas that received more rain. Some pictures of these areas have come in today on Twitter including these below which are pretty well night and day.

In conjunction with the Wheat Quality Council HRW tour (Kansas), the Nebraska Wheat Board forecast the state’s wheat crop at 36.9 million bu., the same as USDA’s initial estimate last week & down from 41.2 million bu. last year.

Megan McGrail, Grain Merchandiser

Wanstead Farmers Co-operative

519-845-3301

meganm@wansteadfarmerscoop.com