Skip to main content

On the Grains Grains are generally weaker in overnight trade as of 6am. Given yesterday’s hard sell-off, you’d never know the day started with weekly export inspections that came in at the upper end of expectations for corn, wheat and soybeans alike. In fact, corn inspections beat the top end of the range by a considerable margin. But traders have concluded big crop potential in the offing for this season and a big break in crude oil prices bled into grain markets as well. Crude oil sold off hard yesterday despite the weekend OPEC+ decision to extend current production cuts through September. That seems counter-intuitive, but apparently many traders thought they might have announced deeper cuts to boost global prices, so when they didn’t it was deemed bearish. The potential for increased output from October forward was all that mattered. After the close we got the weekly Crop Progress report with initial crop condition ratings for corn and spring wheat, but not for soybeans. For corn, it came in at 75% good to excellent, 5 points better than expected and 21 points better than last year. It matched 2021 for the best initial ratings in six years. Only 4% was rated…

This content is for members only.
Log In Register

Sign Up For The Commstock Report

Sign Up Now to Improve Your Marketing and Protect Your Profits

Subscribe

Already a Subscriber?
Sign In