Highlights
The National Oilseed Processors Association (NOPA) reported yesterday their members crushed 164.677 million bushels of soybeans in June, slightly above the market estimates.
To learn all about the NOPA, go to: https://www.wrightonthemarket.com/post/about-the-nopa
While export sales are always poor during the "dog days" of summer, Thursday's weekly export sales report showed China did buy quite a bit of old crop corn (for this late in the marketing year).
Brazil passed a law that would return a tax advantage for biofuel over fossil fuels for the next 20 years.
Soybean processor bids this past week saw many plants roll bids for spot (immediate, nearby) delivery to the November futures to gain more price stability since the carryout is so small.
Ukrainian farmers need up to 80,000 sleeves (AKA bags) for grain storage, according to “officials.”
Despite President Biden's face-to-face plea to the leaders of Saudi Arabia to increase crude oil production, Saudi Arabia is not expected to increase crude oil production anytime soon, which gave some support to oil prices yesterday afternoon.
Compared to most states, Iowa received a lot of rain this past week. Here are the totals:
Market Data
This morning:
Crude oil settled at $97.57, up $1.79
The dollar index settled at 107.98, down 0.56
December palm oil settled at 3,746 MYR, unchanged. The contract high was made April, 29th at 6,384 MYR. Palm oil owns 36% and soybean oil owns 28% world market share.
December cotton settled at $88.71, up $5.00 per cwt. The contract high was made May, 17th at $133.79 per cwt. Cotton competes with soybeans and corn for acres.
December natural gas settled at $7.096, up 0.374. The contract high was made June, 8th at $9.675. Natural gas is the primary cost to manufacture nitrogen fertilizer.
December ULSD settled at $3.4017 per gallon, up 0.0455. The contract high was made June, 17th at $4.0719. ULSD stands for Ultra Low Sulfur Diesel.
September Dow Futures settled at 31,247, up 643. The lifetime high is 36,832 on January 5th, 2022.
Rain Days Update
The Western Corn Belt has 3 more rain days in the 10 day forecast than yesterday and the Eastern Corn Belt has 3 less rain days than yesterday.
The 6 to 10 day forecast updated every day at: https://www.cpc.ncep.noaa.gov/products/predictions/610day/
Explanation of Rain Days