Large production potential is weighing on the soybean market today after last night's crop progress and conditions report. Soybean conditions increased 1%, while corn decreased 1%; both still holding well above average. The soybean balance sheet when adjusted for the yields in the recent StoneX customer survey pushes production on soybeans nearly 50 million bushels higher. The August WASDE report will be released next Monday, with traders curious to see whether any yield adjustments are made, and whether FSA/RMA data provides any reason to adjust planted acreage. Although there is a lot of outside influence in the markets from geopolitical to economic, the current supply-demand relationship for corn and soybeans is not a bullish foundation and traders are grasping at straws to see it confirmed or amended.
Another day void of flash sales from the USDA, as rumors of Chinese purchases both yesterday and again this morning have not showed up on the daily reporting system.
For corn and wheat, grain news was muted, leading to a quiet day with tight trading ranges. Mid-day weather continues to feature rainfall from the remnants of Debby for the East Coast and a cooler temp pattern for the Midwest as its main components for the rest of the week.
Funds were thought to have been mixed with corn and beans sellers, and wheat a buyer.
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