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- Corn is trading unchanged this morning despite hot and dry conditions over the weekend with more dryness forecast over the next few days.
- Corn that was looking more promising following rains in August is now looking poorer which may show up in decreased yields on the WASDE report.
- In Brazil, 84% of their second crop corn has been harvested after rains delayed planting, but the moisture will be beneficial to the next round of planting.
- Friday’s WASDE report showed funds buying back some of their net short positions by 18,787 contracts leaving them net short 87,348 contracts.
- Soybeans are trading lower this morning along with both soybean meal and oil as markets in general struggle to find higher prices today.
- The focus for the near term is next week’s WASDE report which will show revised yields, acreage, and ending stocks which could be reported at their lowest levels in 8 years.
- Late Friday, NASS reported that 184.8 million bushels of soybeans were crushed in July which is 2% more than a year ago and the most on record for July.
- Friday’s CFTC report showed funds buying 32,779 contracts of soybeans increasing their net long position to 90,985 contracts.
- Wheat is trading mixed this morning with Chicago and Minneapolis higher but KC lower.
- Early Sunday morning, Russia attacked the Ukrainian port of Reni, damaging warehouses and port infrastructure.
- Russia’s fresh attack came one day before Putin met with the president of Turkey about reviving the grain deal, but Putin refused to renew citing a list of unmet demands.
- Friday’s CFTC report showed funds adding to their net short position by 8,960 contracts increasing it to 79,881 contracts.