Jul 07, 2021

Corn finishes another 5-9 lower after trading around nickel higher overnight on follow-through spec selling after yesterday's large liquidation.  Forecast is showing some fairly ideal weather for a large portion of the corn growing areas with tasseling and pollination imminent.  Trade seemed like it reminded itself today that soybean acres are at the bare minimum for this year and there is little-to-no margin for error on that crop with a 20+ cent bounce back today.  Old crop and cash sales for soybeans and corn have already been a little more active in July than what we had seen in June.  Crop condition ratings released yesterday were as follows: corn was unchanged from last week at 64% good/excellent (64% estimated, 71% last year), soybeans decline 1 point to 59% g/e (60% estimated, 71% last year), and spring wheat takes another hit, declining another 4 points to 16% g/e (19% estimated, 70% last year).  With spring wheat being shown at 69% headed, any additional rains at this point may not be very beneficial.  Trade likes to focus on the extremely bad.  Having 50% of the spring wheat crop as poor/very poor means 50% is still in good shape.  There are likely still some decent wheat fields in the areas assumed to have no crop. 

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