7/30/2021
Malorie Anderson, Grain Marketing Specialist
July 30th Agtegra Morning Market Insight

Corn: down 5
The markets are taking a step back on profit taking this morning going into month end. Plus, the uncertainty of weekend weather, a lot could change before Sunday Night. Brazil’s Foreign Trade Secretariat reports Brazil has already imported 1.1 mmt of corn this year and that may increase to 3.5 – 4.0 mmt by the end of the year. China only sold 11% of their imported non-GMO corn offered at auction.
 
Beans: down 15
Fresh export news helped fuel yesterday’s upward movement but going into a month end weekend has put some pressure on the trade. Yesterday, the USDA announced a new sale of 132 MTs of soybeans to unknown for the 21/22 crop year. The weekly sales report came in on a neutral side of the trade as the numbers were all within estimates. A national grid operator has said that June flows in the Parana river were at 55% of  the historical average for the month, putting flows at the lowest on record. This causes supply-chain disruptions and bottlenecks in Argentina, the world’s largest soy-meal shipper. Brazil is also the top exporter of soybeans, coffee and sugar and the second largest supplier of corn and iron ore.
 
Wheat: Mpls down 12, KC down 6
The Spring wheat tour concluded yesterday, with finding an average HRS yield of 29.1 bpa. The 5-year tour average is 43.6 bpa. The BAGE kept Argentina’s wheat crop at 19 mmt despite frost last week. US exports yesterday morning came in at 18.9 mbu, within the estimates for old crop.