Wednesday July 31, 2024

• Wheat, soybeans and corn are all sitting lower this morning 
• Soybeans were in the green on the overnights as Middle East tensions had the crude oil and commodities market on edge 
• China slowed their soybean purchases last week as their crush needs are being met by large domestic inventories and incoming shipments 
• Brazilian soybean farmers were active sellers last week which put pressure on prices in Brazil and allowed them to remain competitive with the US
• The market is paying close attention to the forecast, cooler temperatures are set to return to the corn belt this weekend
  • The 10-15 day forecast is showing drastically cooler temperatures in the central corn belt
• The chart below shows the highest US soybean ratings going into August. In the last 20 years there have only been 3 crops have had a better rating than this years