by Steve Freed,
Grains are lower. SX is down 6 cents and near 9.13. CZ is down 7cents and near 4.28. WZ is down 6 cents and near 5.07. Perception of better US Midwest weather and slow demand for US export may be weighing on grain prices. Next key USDA report is August 12. Crude is higher. US stocks are higher.
For the week, Winter Wheat prices were down roughly 22 cents for Soft Red Winter, down 27 in the Hard Red Winter, and down 14 for Hard Red Spring; Corn was down 24 cents; Soybeans down 12; Soymeal down $4.00, and; Soyoil down 25 points (crushing margins were up 1 cent at $0.93, oil-share was up 1% at 31%).
The U.S. Midwest weather forecast has a northwest flow over the next 5 to 8 days which will dominate the region bringing limited rains and average to below average temps.
The Northern U.S. Plains will be seeing below average precip with just some hit and miss shower activity through the week, weekend, and first half of next week.
The U.S. Delta and Southeastern states has the Delta well mixed over the next ten days with periods of rain and sunshine expected. Southeastern states will experience periodic showers and thunderstorms over the next two weeks.
The 11 to 16 Day Outlook will have a zonal west to east flow bringing average rainfall to the northern Midwest but limited rains elsewhere. Temps will be running average to above average.
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