Good Morning!

The weather forecast still has three rain events bringing average to above average moisture to most of the Midwest through the first half of next week although rains for Minnesota and Wisconsin have been downplayed. Temperatures will be running close to average. The 11-16 day outlook remains warm and dry for the northern Plains while the Midwest and southern Plains should see normal rains and temps.

The average trade estimate for NOPA’s soy crush has 161.75 million bushels of soybeans crushed in July versus 144.718 million in July of a year ago. If realized it would be the largest July crush on record, surpassing the 145.227 million crushed in July of 2015. Soyoil supplies among NOPA members at the end of July are estimated at 1.783 billion pounds, up 1.0 percent from stocks totaling 1.766 billion pounds at the end of June; soyoil stocks at the end of July 2017 stood at 1.558 billion pounds.

Pro Farmer Crop Tour begins Monday, August 20th.

OPEC on Monday forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production. In a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.05 million barrels per day (bpd) of crude from its 15 members in 2019, down 130,000 bpd from last month's forecast.

Have great day and be safe out there!