Grain > Commentary > 7-20-2021

7/20/2021

Jul 20, 2021

7/20/2021
Turn-around Tuesday for corn and soybeans as they both finish a mostly quiet day with double digit gains.  Not much available to explain the higher move other than buying was supported by the hot and dry weather and money flowing back in after yesterday's wide spread sell-off across various markets and exchanges.  Crop conditions scored US corn at 65% good/excellent, unchanged from the previous week.  Soybeans were seen at 60% good/excellent, up 1% from last week.  Trade is giving some focus to the Brazil corn with areas seeing frost a couple times over the past week or so but, with harvest already underway (30% complete), I'm a little skeptical on if it will have any significant effect on their yields.  September corn has been attempting to fill a gap on the chart at the 588'0 mark but has been finding some resistance around 571'0 over the past week.  Funds purchased 8000 corn and 10000 beans today.  We will be looking forward to the break from this hot weather, whenever it comes.

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