A higher overnight session in corn futures gave way to a mostly weaker day session as overall trading activity was quiet following a two-day 20 cent bounce. Talk of lower than expected corn yields have offered support this week, while today the focus was more on a slow export sales report. The weekly sales report showed that corn sales totaled just 9.7 Mln. bu. Weekly sales need to average 30.2 Mln. bu. per week to meet the USDA sales goal. Reminder that the export sales projection for 21/22 was increased by 75 Mln. bu. to 2.475 Bln. bu. in last week’s report. Wheat sales were good at 22.7 Mln. bu. and need to average just 13 Mln. bu. over the next 37 weeks. The quarterly stocks report looms at the end of the month. This will set the final ending stocks for the 20/21 marketing year. Final wheat production numbers will also be released in the small grains summary. Harvest is picking up in most spots along the southern half of the Midwest. The forecast looks favorable for an active harvest pace through the end of the month. A few light showers are expected early next week.
Soybeans
Soybean futures closed mixed with the nearby finishing higher and the deferreds weaker. November beans had a 17-cent range with the $13.08 high being the highest level on the chart since late August. Talk that China was booking some U.S. beans offered support as well as the weekly export sales report. Bean sales totaled 46.5 Mln. bu. Year to date bean sales total 819 Mln. bu., versus 1.188 Bln. bu. a year ago. Bean sales need to average 25.4 Mln. bu. per week to meet the USDA goal of 2.090 Bln. bu. Harvest has really yet to start in the Midwest, but activity should be more earnest next week. NOPA crush for August, released yesterday, came in abut 5 Mln. bu. better than expected. The outside markets showed the dollar higher. Equities were weaker and crude was steady.
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