Jul 08, 2021

Uneasy and uncomfortable back-and-forth trade as weather outlooks and crop conditions continue to appear favorable.  Again, markets started off stronger overnight and showed signs of upward momentum throughout the day but late session weakness set in and new crop corn and soybeans continue to test the support of their 100-day moving averages.  Corn finished lower on the day despite Brazil's CONAB releasing their monthly supply and demand figures, cutting their expected corn crop by 3 million metric tonnes.  CONAB also increased their soybean crop by another 45.5 million bushels.  It's still strange to me that we are told both of Brazil corn crops are ravaged by drought but their soybean crop continues to increase.  Back on the home (U.S.) front, varying reports from around the grain belt tell us most everyone's crop is in good shape except their neighbor's.  By no means is the crop even close to being made yet but there's still plenty of potential for anyone bullish to end up surprised by a big U.S. corn crop.  This morning, the USDA confirmed a sale of 122,200 tonnes of soybean to Mexico for the 2021/2022 marketing year.  As of about 1:30 pm, the DOW was down 360 points, partially recovering from a 580-point dip on the day.

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