Aug 02, 2021
Corn erased Friday's losses and soybeans closed with modest gains as money was buying back in to start a fresh month. Wheat has established itself as the price leader and offered spill-over support to the corn and soybean sectors. Fundamentally, there was little change over the weekend. The north western region of the corn belt remains dry and warm, demand has slowed, and ethanol seems to be the only market willing to accept corn but they have been competitive with each other. Looking at the charts today, corn key reversed higher out to July 2022, putting September 21 back above its 100-day moving average and December 21 above its 50-day moving average. November soybeans continue on their up-trend from the June 17th low of 1240'4 futures but have been finding some resistance at the 50-day moving average. Weekly export inspections in corn came in above expectations with 1.384 mln tonnes inspected for export. The top estimate was 1.2 mln tonnes. Soybeans and wheat were both within their trade estimates with 181k tonnes of beans and 388k tonnes of wheat inspected for export. Temperatures look to remain closer to seasonal average but there is not much rain in the forecast for our area over the next 10 days.
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