Highlights
August board crush margin jumped 15½¢ yesterday; that is 15½¢ more profit per bushel of beans crushed.
July corn settled ¾ of a cent above September corn yesterday after gaining 2¾¢ on the September. A week ago, there was more than 10¢ of carry from July to September. Old crop corn just went inverted.
Despite mostly good weather for corn in the Corn Belt and very disappointing weekly exports sales for corn, corn traded smartly higher yesterday. Wheat exports sales were well above expectations and that contributed to all three wheats gaping higher on the opening an hour later yesterday morning.
The Climate Prediction Center released its 30-day outlook. It has above normal precipitation for Minnesota, Wisconsin, Iowa, and Northern Illinois with below normal rainfall for the PNW down through Eastern South Dakota, Nebraska into Oklahoma and Northern Texas.