The market is retreating this morning as the latest weather update holds no excessive heat through the first half of August. We actually have chances of rain almost every day through that fifteen day period. Crop condition ratings should be steady to slightly lower on the update this afternoon. A slight decrease this time of year is fairly normal. At 7:30am, corn is down 2-3 cents, soybeans down 16-19 cents with wheat up 1-3 cents. The dollar trading up about 165 with crude oil down $.40. Remember, we have the USDA Supply and Demand Report next Friday. The trade is expecting that the carryout will increase on corn and soybeans. USDA announced the sale of 391tmt of new soybeans to unknown buyer.
Weekly export inspections were strong at 45.0 million for corn, 24.7 million soybeans and 24.3 million for wheat. These numbers, along with the soybean export announcement, are not enough to stop the slide today on the board. November soybeans have made a new recent low at $9.5825 as funds liquidate more of their long position. The funds are thought to still be long around 120,000 contracts on beans. December corn has traded within $.0125 of the contract low of $3.3325. The sharply lower crude oil market is not helping either. Crude has traded below $40.00 today and continuing the recent decline.
The USDA reported the corn crop at 76% good to excellent for the third week in a row. They actually raised the soybean rating 1% to 72% good to excellent. September corn closed down $.0875 at $3.2575 with December corn down $.085 at $3.3425. November soybeans closed down $.415 at $9.615. Cash soybean bids are now versus the November futures on most of the river bids.