Tuesday, August 03, 2021|
Closing Markets: Corn -8 Old & New. Beans -34 Old & New. Wheat -5.
Nearby corn futures closed 8 ¼ cents lower on better weather prospects for some of the driest areas across the northwest growing regions triggering a round of technical selling. Light to moderate rains is expected with most areas picking up less than .25”. Warmer than normal temps will work back into the forecast this weekend. As expected, corn ratings fell 2 points to 63% good to excellent with a large portion of the deterioration coming from the Western Corn Belt. Another 27% of the corn crop is rated fair which is up 1 point from last week and poor/very poor was also raised 1 point to 11%. This year’s corn crop is advancing faster than average as 38% of the crop is in dough stage which is up from 18% a week ago and ahead of the 5-year average of 33%. Chicago Spring Wheat managed to climb back from double digit losses to close 5 cents lower as wheat ratings improved 2 points to 10% good to excellent. Winter wheat harvest is nearing completion as 91% of the crop is harvested. Chinese state grain stockpiler, Sinograin, plans to auction off another 2 million bushels to corn this week to help cool high prices. Many private analysts will begin releasing their yield estimates ahead of August 12th WASDE report.
November soybean futures closed 33 ¾ cents lower today on favorable weather conditions and rising Covid-19 concerns. Overall, the soy complex closed lower but reduced palm oil production added some support. Yesterday’s Crop Conditions Report surprised many traders as soybean conditions improved 2 points to 60% good to excellent. According to the conditions report, 58% of U.S. soybeans have begun setting pods which is 6% above the 5-year average. Weather conditions over the next couple weeks will continue to drive the soybean market as those pods start to fill. More and more processors across the Midwest will begin scheduled maintenance shutdowns which in-turn will lower soybean crush rates. June 2021 soybean crush rates fell to 161.7 million bushels which is the lowest crush rate of the 2020/21 marketing year and the smallest volume in two years. Next week’s WASDE report will give the country it’s first glance at yield adjustments this season. Historically, final production numbers have been either 2.2 bushels per acre above or 1.6 bushels per acre below August forecast.
C +147,000 (-10,000); S +9,000 (-18,000); W -19,000 (-5,000); SM +1,000 (-5,000); BO +14,000 (-8,000)
Have a great evening!!!!
Emery Manager & Originator:: Topflight Grain Cooperative, Inc.
593 Emery Rd :: Maroa, IL 61756
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