Jul 23, 2021
Corn began the overnight session with some modest gains of around 5 cents but was unable to hold, going into the morning break in the red where soybeans had spent the entire session. That weakness continued throughout the day where some surprise rain not in the forecast fell on various spots around the growing region. With weather premiums priced into the market, seasonally slow export business for old crop and light numbers on the books for new crop soybean business has put pressure on soybean futures this week. After showing some signs of strength, cash soybean basis has slipped with end-users now having their needs covered going into harvest. Despite finishing the second of half this week lower, corn still has some bullish elements to it. Question marks concerning the size of the Brazil and China corn crops may swing some business towards the US where corn demand is expected to be lower than last year. We look to remain hot and dry going into next week. Weekly closes are as follows: cash corn down 9 cents, new crop corn 7 lower, cash soybeans 60 lower, new crop soybeans down 35 cents.
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