Good Morning!

The trade continues to be dominated by yesterday’s July WASDE crop report numbers. Soybeans are testing yesterday’s lows. Corn is down 3 to 4 cents despite friendly fundamentals. Wheat is up slightly amid falling world supplies and the tightest world wheat stocks to use ratio in many years. For the week winter wheat prices are down roughly 25 cents for SRW, down 24 in the HRW, and down 25 for HRS. Corn is down roughly 17 cents and soybeans are down 50 cents. Chinese Ag futures settled down 45 yuan in Soybeans, up 4 in Corn, down 30 in Soymeal, down 20 in Soyoil, and down 20 in Palm Oil. Crude oil is trading slightly higher. Equity futures are up slightly following yesterday’s triple digit gains.

The Buenos Aires Grains Exchange reported the country’s drought stricken corn crop could be cut further from its current estimate of 32 MMTs. The USDA has pegged the Argentina corn crop at 33.0 MMTs.

Rosario Exchange estimating Argentina’s 2018/19 wheat harvest to be a record 20 MMTs due to increased seeding. Producers are expected to plant 6.18 million hectares, up from the Exchange’s previous estimate of 6.0 million hectares.

China has released a statement reaffirming their commitment on working with the U.S. and North Korea on denuclearizing North Korea.

A cold front will move across the Midwest this weekend bringing cooler temps and rains of .25-1.5 inches for a large portion of the Midwest. The extended forecast is calling for more seasonal temps and near normal rainfall for the last half of July.

Have a great weekend and be safe out there!