Jul 27, 2021

Trade was almost the mirror opposite of the prior day.  We started off strong overnight, with both old and new crop corn and beans gapping higher to start.  Crop conditions ratings came in lower than last week after it was expected they would be unchanged, with the US corn condition dropping 1% to 64% good/excellent and soybeans were seen at 58% g/e vs 60% g/e the week prior.  Values held for the duration of the night session but strength faded shortly after the 8:30 market open.  I'm not expecting much for fireworks in the corn market going into harvest.  Funds typically do not add to their length this time of year and the weather already rallied us for the better part of July.  Will rain still help? Yes, but the drought can mostly be considered old news for this year's corn crop.  With some early crop tour reports coming in, areas of Nebraska, Iowa, and Missouri are hovering around either side of their record yields.  Soybeans still have strong underlying support from the weather but the crop still has some potential to push for bigger yields, yet.  Looks like we have one more hot day ahead of us tomorrow and then we will return to more seasonably average temperatures.

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