Monday July 29, 2024

• Corn trading slightly lower, soybeans trading lower, and wheat trading neutral.
• The markets came under pressure on Friday. November soybeans lost 31 cents/ bu. A shift in the US weather forecast and a poor export demand prospects helped push the prices lower. Soybean futures are at their lowest level since November 2020 and wheat futures seeing values last seen in August 2020.
• Argentina’s wheat planting is wrapped up for the 24/25 planting season, central and eastern agricultural regions specifically. The southern wheat planted areas have been negatively impacted due to cold and dry weather though G/E ratings are still above average. Argentina’s corn crop is 87% harvest sitting ahead of the 3 year average. 
• The Wheat Quality tour wrapped up last week with hard red spring coming in at 54.5bu/ac, the highest yield in the tours 32 year history. 
• Rains were scattered across the belt over the weekend, with the best coverage in the southeastern Midwest as expected, action moves into the eastern corn belt today. The western corn belt and the plains look to be dry in the near term. Temperatures will hold above normal.