Edwards Market Thoughts

7/27/2021 8:00am

Corn is higher this morning on combination of GFS weather map reducing rain coverage in the WCB for this coming weekend and US G/E ratings dropping 1% instead of holding steady. US silking is running ahead of normal at 79% vs 73% normally while dough stage is 18% vs 17% avg. The weather maps continue to favor the ECB with moisture while parts of IA, Neb and Dakotas to see limited rains after the hot temps this week.

Brazilian safrinha corn harvest continues to run behind normal at 34% vs the 5 yr avg of 50%. Interior US corn basis levels are holding steady to firm at the River and Gulf while other domestic users are keeping basis levels on the defensive.

In other news China will auction off 250k tons of US/Ukraine corn into their domestic markets. Trade will be watching if China continues to load US corn at the current pace and how much will get rolled to new crop.

Focus for the market for now remains on US weather, growing conditions and possible US yield. Resistance for Sept corn toward $5.65-5.75 with support at yesterday's low of 5.36 1/2.


Local Weather
Weather radar map

Sioux Center, Iowa (51250)

Current Conditions: Sunny
Temperature: 95°F Dew point: 77°F
Humidity: 56% Pressure: 29.96 in. Hg
Wind: 10 mph From: South


Weather condition
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Lo: 71°
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Lo: 70°
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Lo: 64°
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Lo: 63°
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Lo: 58°
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Siouxland Cash Bids
Name Delivery End Basis Cash Price Futures Price

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Quotes are delayed, as of July 28, 2021, 02:19:20 PM CDT or prior.
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Industry News

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***Corn Receiving***


July 29



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Co Products Traffic
Cotton Market Higher at Midday -

Midweek cotton trading has the board 11 to 23 points in the black, noticing NOAA’s dryness in the 5-day QPF. The northern regions of AL, and MS

Corn Firm at Midday -

Front month corn futures are firmer at midday with gains limited to less than 2 cents so far. NOAA’s midweek 5-day QPF shows good rain for WI

Soy Complex Mixed at Midday -

Soybean futures are trading mostly lower through midday. November is down a penny so far and August is up by 3 1/4 cents. Soymeal futures are in the

Hogs Working Lower through Midday -

Front month lean hog futures are down so far, with prices 55 cents to $1.45 in the red. There was no change in the National Average Base hog quote

Cattle Complex Mixed so Far -

Fat cattle futures are higher through midday, with gains of 20 cents to 67. There were reports of Western NE cattle going for $123 on Wednesday,

Wheat Market Reacting to Crop Tour -

Front month wheat futures are up double digits on the spring wheat crop survey day one results and the weather outlook. SRW and HRW are gaining on

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