Jul 06, 2021

After the long holiday weekend that included high temperatures across the grain belt, a break in the heat wave was welcomed along with some rain in our local area, as well as, a big portion of Minnesota and the Dakotas.  Opening calls were for a lower market this morning but I don't think opening limit lower on corn was something many expected.  Today's corn trade was over as fast as it started.  Beans also took a big hit, opening 25 lower and closing 89-94 lower on the day.   It will be interesting to see how much length the managed money has remaining and we now have some big gaps on the new crop futures charts but still plenty of time to fill them.  Weekly export inspections for corn were big, but mid-range of expectations, at 1.236 mln tonnes.  Soybean inspections were also within trade estimates at 206k tonnes and wheat underperformed last week at 258k tonnes inspected.  The grain stocks and planted acres report is now old news and trade will put more emphasis on next week's July WASDE report.  Weekly crop condition ratings for this week are expected to be unchanged from last week in corn and soybeans and slightly lower in spring wheat.  As of about 1:30pm, rain total for the day in Murdock was 1.7".  Better late than never! 

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