7/19/2021

After a strong showing overnight, corn and soybeans traded back and forth, spending a majority of the day session in the red with corn making a late push to finish fractionally higher on the day.  There was large outside market pressure today with the Dow and NASDAQ both taking big hits.  As of about 1:20pm today, the Dow was down 870 points and the NASDAQ was 155.50 points lower.  After matching the 2018 high a couple weeks ago, crude oil continues to retreat and hemorrhaged value today with the front month down about 5.35/barrel.  OPEC+ recently announced that they would be increasing production.  Weekly export inspections for corn, soybeans, and wheat were all within trade range estimates with 1.001 mln tonnes of corn, 144k tonnes of soybeans, and 491k tonnes of wheat inspected for export.  Corn and soybean condition on this week's crop progress report are both expected to increase by 1 point in the good/excellent category to 66% for corn and 60% for soybeans.  Another 1-point decline in the spring wheat condition is expected, down 15% g/e.