Grains see double-digit losses. Monday, July 31, 2023

This morning December corn is down 14¢ and November soybeans are down 32¢.

CBOT wheat is down 23¢. KC wheat is down 18¢. Minneapolis wheat is down 23¢.

“We saw weekend rains fall in key areas of the Corn Belt, including Northern Illinois and Indiana in addition to a wetter forecast over the next ten days for Iowa and Minnesota, according to both the Euro and GFS models,” says Jeremy McCann, account manager with Farmer’s Keeper.

“By no means is the crop “made” but as we get closer to harvest it seems as though improvements are made in the growing conditions and actual crop conditions each week. I’m interested to see how last week’s hot and dry weather affects the Crop Progress report being released today.”

Al Kluis, managing director for Kluis Commodity Advisors, says he expect today’s Crop Progress report to reduce the condition of corn, soybeans, and spring wheat by 2% to 4%.

This morning USDA announced the sale of 132,000 metric tons of soybeans to China, to be delivered during the 2023/2024 marketing year. USDA also announced 183,300 metric tons of soybean cake and meal was sold to the Philippines, for delivery during the 2023/2024 marketing year.

Crude oil is up 68¢.

S&P 500 futures are up 4 points. Dow futures are up 15 points.

Outside of the U.S., milling wheat is down on the MATIF trade. Corn is up and soybeans are down on the Dalian trade.

Tags: futures, live cattle, feeder cattle, lean hogs, corn, soybeans, wheat