7/26/2021

Opening call for Sunday night was higher with traders leaning largely on the extremely hot weather in the Dakotas, Nebraska, and Iowa for the first three days of the week to bring substantial strength to the market.  It was weekend rains in the eastern corn belt keeping the market in check and turned it lower overnight and into the day session but found technical strength midday to work itself to a higher close.  Closing in on August, we have a fairly good idea on what type of corn crop we will have nationally and, although, there are some places that are a total loss, cases seem to be very isolated.  As of right now, it appears the eastern corn belt will make up for what the western corn belt lacks.  A run at the contract highs would take some monumental news at this point and there is potentially an additional 1.5 million acres of corn planted this year that is still unaccounted for.  With minimal acres planted for soybeans, there is little room for error and we will pay close attention to rainfall totals in August.  Weekly export inspections continue to be consistent with another 1.037 mln tonnes of corn, 242k tonnes of soybeans, and 478k tonnes of wheat inspected for shipment.  Crop progress condition ratings are expected to be unchanged from last week, with corn at 65% good/excellent and soybeans 60% g/e.