Markets higher last week with corn gaining $0.13 ¾ and soybeans $0.40 ½. Open interest for the week down 25K on corn and 6K on soybeans indicating short covering.
Corn opened $0.03 higher overnight but began to slip lower almost immediately. At 0630 CZ19 trading $0.01 lower at $3.67 ¾ with SX19
$0.03 ¾ lower at $8.95. Chi and KC wheat clinging to higher trade. Dow futures giving up 100 points this morning at 27,118. Dow had a good run last week but failed to take out its July 15th high at 27,397.
Crude sharply higher in response to attacks on Saudi oil production facilities. Attack knocked out 50% of Saudi production capacity. Brent crude up as much as 19% at one point.
No frost threats expected over the next 10 days according to our lead forecaster. Showers in the northwestern Midwest continue to favor late growth of corn and soybeans, but also lead to some areas of too much particularly in Minnesota and South Dakota.
Dry weather continues across nearly all the major growing areas in Brazil. Temperatures also extremely hot across much of Brazil over the weekend, reaching as high as 105-115°F in Mato Grosso. Trade starting to take notice.
SXSN quietly tightening to 45 cents after a high-water mark of 51 ¾ set Aug 23rd.
Trade looking for crop ratings to slip a point in this afternoon’s report? We’ve entered the time period that we often ask how can it look better than a week ago with fields turning due to maturity?
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