Tuesday August 10, 2021

• We continue to float through the week, waiting for Thursdays report to give us an indication on which direction to trade
• Weekly Crop Progress Report 
  • Corn rated 64% good/excellent, still below average of 67% g/e 
  • Soybean crop rated 60% g/e, also below average of 65% g/e
• See below global crop conditions as of August 5, 2021 for each major commodity
  • Wheat: harvest in Europe went over very well with above average yields, Russia ran into some less than ideal conditions due to early season drought stress. The U.S. North-West and Canadian Prairies just cannot recover from the heat stress through the growing season 
  • Corn: Safrinha corn unable to recover from the drought in the critical development stages earlier in the year as Argentina’s corn harvest wraps up with overall good conditions. U.S. crop is overall in good condition other than the North West belt which continues to be a problem area for all crops due to the heat stress they have endured this summer. The European crop has continued to develop nicely through the summer 
  • Soybeans: the only region for concern seems to be the U.S. North West, this has been a known stress all summer and fortunately does not account for a huge portion of the U.S. crop