Morning Markets: Corn -7 old & newBeans -10 old & -11 new.  Wheat -2.
 
MARKET SUMMARY:
The grain markets are lower as crop conditions improve unexpectedly while the weather outlook for next week shows a much-needed break in the heat. Nearby corn and bean futures slipped back below the 20-day moving average last night. The lack of progress on trade relations with China and news that importers are passing on US origins due to price, both remain bearish factors for price.

Crude Oil is up $0.19 at $59.77.                           
US Dollar is up $0.225 at $97.158.
Global Equities: Japan -0.5%, China +0.2%, and Europe +0.1%.
Dow futures up 27 points at 27,359.
EU MATIF Exchange: corn no change and Wheat -0.7.
Malaysian Palm Oil: -0.4%
China’s Dalian Exchange: Corn +0.2%, Soybeans -1.5%, and Meal -1.1%. 
 
 
 
WEATHER:  
·         NOAA’s 6 to 10 and 8 to 14-day maps are both showing below-normal rainfall for a large portion of the Midwest, although the 8 to 14-day outlook does bring cooler than normal temperatures into the Heartland. In the near term, light to moderate rainfall is expected for MN, WI and N IA. The remnants of Barry will produce rains for S IL, IN and OH while the rest of the Midwest will likely see little or no rain over the next 10 days.
 
 

OTHER HEADLINES:
·         Crop Progress and Conditions: Corn Conditions: 58% vs 57% LW and 56% expected. Soybean Conditions: 54% G/E vs 53% LW and 53% expected.
·         WEEKLY EXPORT INSPECTIONS: Corn loadings: 676,000mt vs trade estimates of 500,000 
·         800,000. 72% shipped vs 80% average. Soybean loadings: 854,000mt vs trade estimates of 500,000mt to 800,000. 84% shipped vs 91% average.
·         Yesterday’s NOPA June soy crush of 148.843 million bushels is the smallest monthly crush in 21 months. June’s crush number marks the 4th consecutive month that crush fell below year ago levels. Soybean oil stocks fell to a 6-month low of 1.535 billion pounds versus 1.581 billion in May and 1.766 billion in June of a year ago.
·         A California judge cut the damages awarded in the Roundup case to $25.3 million from $80.3 million while at the same time rejecting the company’s request for a new trial.
·         Malaysia has kept its August crude palm export duty at zero percent. The duty has been at zero percent since September.
 
 
 
 
EXPORT NEWS:
 
·         N/A
 
Have a great day!!!!
 
Chelsey White
Emery Branch Manager/Originator || Topflight Grain Coop
593 Emery Rd.
Maroa, Il 61756
217-794-2240
E-Mail: cwhite@topflightgrain.com
Web: www.topflightgrain.com

This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by Topflight Grain Cooperative, Inc. Topflight Grain is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable but is not guaranteed as to its accuracy. Contact Topflight Grains designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Topflight Grain Cooperative, Inc.
 
 
 
 
 
 
 
 
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN