- Corn, Soybeans, and wheat are all higher this morning after trading in two-sided action overnight.
- First notice day for August futures is Friday. Longs need to be out by the close of day on Thursday or risk taking delivery.
- The August WASDE report will be released on August 12th.
- The Chinese index saw big losses as the government places restrictions on corporations.
- Energy markets are higher on lower U.S. crude stocks.
- US Dollar is 0.124 higher at 92.560 pts. crude oil is .52 cents higher per barrel at $72.16, S&P futures are 2.75 pts higher at 4,397.00, and gold is $3.25 lower at $1796.50 ounce.
- Corn opened higher overnight but ended up trading on both sides as the price remains inside Tuesday’s range.
- Estimated fund activity: Corn +1,000
- CU up 2 ¼, at $5.51, and CZ up 3 at $5.49 ¼.
Outlook: Trade is expected to be choppy ahead of the weekly ethanol numbers and ever-changing weather forecasts.
- Soybeans opened the evening session higher but worked weaker as the night went forward.
- The huge selloff in soyoil yesterday has spilled over to other vegetable oils as Malaysian palm oil closed down 1.81% overnight.
- Estimated fund activity: Soybeans +4,000, Soy Meal +3,000, Soy Oil -2,000.
- SQ is up 3 ¼ at $14.21 ½, and SX is higher 3, at $13.62 ¾.
- August Meal is down $0.30 at $358.5 and soy oil is lower to start out the morning.
Outlook: Higher trade on the hot weather forecast for the first half of August.
- Chicago, KC, and Mpls wheat all trading double-digit higher this morning.
- Chicago wheat has settled lower in four straight sessions, trading 40 cents off recent highs.
- Day 1 tour results range from 0 bpa to 62.8 bpa. Average spring wheat yield of 29.2 bpa.
- Follow the wheat tour on Twitter @hedgeit or #wheattour21.
- KC deliverable stocks are beginning the year below levels from the last several years.
- KC September is up 13 ½, at $6.55, Mpls September is up 16 ¾, at $8.95, and Chi September is higher 14, at $6.88 ½.
Outlook: Choppy trade in the wheat complex as the Wheat Quality Councils’ tour moves into day three in the Dakota’s.