Jul 29, 2021

Overnight trade was two-sided for both corn and soybeans.  The weekly export sales report dropped at 7:30am with higher-than-expected new crop sales for corn and some new crop purchases of soybeans and wheat by China.  China also cancelled 119k tonnes of old crop corn.  Old crop sales of corn netted 115k tonnes of cancellations and old crop beans netted 79k tonnes of cancellations.  New crop net sales showed 529k tonnes of new crop corn and 313k tonnes of new crop beans sold during the previous week.  The USDA had an 8am sale announcement of 132k tonnes of soybeans to unknown for 2021/22.  Export sales overall provided enough general support for a solid bounce into the green of 7-8 higher on corn and 16 higher on soybeans.  A break from the heat today was much welcomed in the Northwest region of the corn belt but the wind change that brought cooler weather has also brought smoke from the wildfires in Canada with it, making the air in Minnesota somewhat dangerous and unhealthy.  The September 21/December 21 corn spread did trade a small carry today for the first time since early December 2020 before closing at a 1'4 cent inverse.  The 2021 North Dakota Spring Wheat tour finished today, forecasting a 29.1 bu/ac yield, well below the 5-year average of 43.6 bu/ac.

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