Were grain prices ready for an encore today? For the most part, that turned out to be the case.
The Central Plains and parts of the eastern Corn Belt could see some additional rainfall between Saturday and Tuesday, per NOAA’s latest 72-hour cumulative precipitation map, although most areas won’t gather much more than 0.25” during this time.
On Wall St., the Dow inched 10 points lower in afternoon trading to 35,490 but remains very close to record levels.
Although prices tested moderate gains a few times this morning, they finished today’s session with narrowly mixed results after some uneven technical maneuvering.
Corn basis bids were wildly mixed Friday, tumbling as much as 42 cents lower at an Ohio elevator while firming as much as 20 cents at an Indiana ethanol plant today.
If you missed yesterday’s WASDE report, which showed lower-than-expected production numbers for some key crops, including U.S.
The August WASDE report brings corn futures 1.11% closer to harvest prices, meantime, and the September report steers corn futures 3.56% closer to harvest prices.
That sale was largely for delivery during the 2021/22 marketing year, which begins September 1; a small remainder will be delivered in 2020/21.
Ahead of the next monthly soybean crushing report from the National Oilseed Processors Association , out this coming Monday morning, analysts expect the group to report the lowest July crush since 2017, with an average trade guess of 159.062 million bushels.
Even with smaller 2020/21 export and crush usage rates, USDA does not anticipate that the 2021 crop will satisfy growing domestic and international demand for U.S.
Wheat prices continued to move higher Friday on another round of technical buying spurred largely by dwindling domestic supplies and lower production potential among some key overseas competitors.
French farm office FranceAgriMer estimates that 74% of the country’s soft wheat crop is rated in good-to-excellent condition through August 9, unchanged from a week ago.
Ukraine’s wheat exports in the young 2021/22 marketing year reached 66.9 million bushels through August 13, which is 24% below last year’s pace so far.
What’s in the infrastructure plan for rural America? For starters, the $110 billion in funding for roads and bridges, along with $17 billion earmarked for ports and waterways, will “clearly enhance the competitiveness of U.S.