- Corn, soybeans, and wheat all lower this morning on profit-taking.
- The August WASDE report will be released on August 12th.
- The Pro Farmer Crop tour will be from Aug. 16th thru the 19th.
- China announced that some major fertilizer companies would temporarily suspend exports. China is the world’s top exporter of phosphate.
- Energy markets are lower this morning, but oil should post weekly gains with demand growing faster than supply.
- US Dollar is 0.049 higher at 91.920 pts. crude oil is .19 cents lower per barrel at $73.43, S&P futures are 31.75 pts lower at 4,380, and gold is $2.50 lower at $1831.00 ounce.
- Corn opened lower overnight, staying in the same narrow range that prices have held to the past couple of weeks.
- Technically the trend is sideways for September corn and higher for December.
- Corn on the Chinese Dalian exchange is trading at an equivalent of $10.10 per bushel.
- Estimated fund activity: Corn +4,000
- CU down 4 ¼, at $5.53 ½, and CZ down 5 ½ at $5.51.
Outlook: Trade is expected to be quiet with some profit-taking.
- Soybeans opened the evening session lower, also staying in their narrower trading range in July.
- Technically the trends are up for both September and November soybeans.
- On the China Dalian exchange, soybeans were up 0.8% to the equivalent of $18.59 a bushel-a high enough price to expect another strong season of demand from the U.S.
- Estimated fund activity: Soybeans +5,000, Soy Meal +1,000, Soy Oil +4,000.
- SQ is down 9 ½ at $14.24 ¾, and SX is lower 13 at $13.65 ½.
- August Meal is down $.50 at $356.00 and soy oil is lower to start out the morning.
- Chicago, KC, and Mpls wheat are all trading lower this morning.
- The North Dakota 2021 spring wheat yield is forecast at 29.1 bpa, below the five-year wheat tour average of 43.6 bpa.
- Estimated fund activity: Wheat +6,000.
- Technically, the trend for the September wheat contracts is higher.
- KC September is down 5, at $6.69 ¼, Mpls September is down 13 ½, at $9.05, and Chi September is down 6 ½, at $6.99.
Outlook: Choppy trade as the week comes to an end. Weather forecasts show a break in the heat for a couple of days but then very hot temperatures with no rain.