CORN

• The USDA rated the corn crop at 57% good to excellent, up 2% from last week.
• The DTN digital yield tour estimated the national corn yield at 177 bushels per acre.
• Heavy rains and flooding in some of China’s main growing regions may cause significant crop damage.
• Chinese trade data showed that imports and exports in July fell faster than expected. This may indicate that economic activity is slowing, and this is weighing on commodities in general today.

SOYBEANS

• The USDA rated the soybean crop at 54% good to excellent, up 2% from last week.
• The DTN digital yield tour estimated the national soybean yield at 51 bushels per acre.
• Malaysian palm oil is near the lowest level in six weeks, offering weakness to the soybean oil market this morning.
• September soybeans on China’s Dalian Exchange remain expensive, around the equivalent of $18.19 per bushel.

WHEAT

• The USDA rated the spring wheat crop at 41% good to excellent, down 1% from last week.
• Russia’s wheat export values continue to be the world’s cheapest offer, despite recent increases.
• Dryness in Canada, Argentina, and the interior of Australia are all bullish to the wheat market.
• India typically utilizes about 108 mmt of wheat domestically. With talk that their crop could be sub 100 mmt, this lines up with rumors that they may be looking to import about 9 mmt of Russian wheat.

Author

Brandon Doherty