Exports: So. Korea buys 120,000t Black Sea.
Comments: Weekly export sales old crop a minus (-)27,900t as Unknown cancels 96,200t; new crop sales 575,900t led by Unknown/China; some talk now an early southern harvest will result in corn shipped back up north (seems to back up Sept’s losing ground on spreads); U.P. in Michigan reported 35 degrees overnight; open interest rose 3,400 amid moderate/light volume. December near my low-end near term downside objective and as such moving to protect more hedge equity (seems to me by the way that there could be a change of dance since July is corn’s month and that has been beneficial and discounted while beans were free to fly and spread vs. corn; well by next week perhaps with August’s forecasts looking favorable, beans then get to deal with that and unwinding occurs).
Exports: None Visible.
Comments: Weekly export sales old crop up 16% to 128,300t led by Asia and Unknown, shipments fell 33%; meal sales light at 184,000t, shipments market year low; soyoil sales modest at 3,200t, shipments market year low; Malaysian palm oil futures hits 3-year low; open interest fell 4,400 led by August off 7,000 amid moderate volume. I freely and regrettably admit the money game in the August beans kept me from shorting futures in the November as tough to determine risk. At least the put buying was a good idea. And finally: An article about our beans out of Singapore was interesting in that the writer said beans fell 2.1% because of high domestic supplies due to a higher than expected old crop harvest and that farmers/traders have beans “well above market expectations”.
Exports: Iraq buys 50,000t Aust.; Japan buys 107,371t U.S./Can/Aust.
Comments: Weekly export sales fell hard from the previous week’s large amount but still decent at 661,400t, led by China at 177,900t; Wheat tour sees lower yields on day 2 at 45.1bu.acre vs. tour year ago 45.5bu,, combined 2 day at 44,1bu. same as last year; open interest little changed in total, some Sept./Dec. roll apparent, amid moderate volume. Wheat will likely hit a near term low when corn does; best then I can say is Sept. holding around our new downside objective of $6.50. Will see if we need a new one.