7/30/2021

A big risk-off day to finish our week and the trading month as rain showers pushed across parts of South Dakota, Iowa, and the southern half of Minnesota throughout the day.  The timing of this rain (going into August) is probably more important for soybean development than the amount.  Starting to see a little bit of corn harvest in Texas after a growing season of near-perfect conditions that included abundant precipitation and ideal temperatures during pollination.  Market volatility in July was much less compared to June but expect the market to have some larger daily moves the closer we get to August 12 where we could see a possible yield change on the monthly USDA WASDE report.  According to Reuters, Brazilian farmers are expected to increase their soybean area for the 15th consecutive year by 4% to a total of roughly 100 million acres.  Demand for old crop corn continues to slip with China cancelling shipments.  Weekly closes: cash corn 2 lower, new crop corn down 1, cash and new crop beans both down 8 cents on the week.  Some weather models are showing high temperatures for our area in the triple digits end of next week but forecasts have yet to reflect this.  Everyone try your best to enjoy the smoky, mild-temperature weekend!