by Steve Freed,
Grains are mixed to higher. CZ is up 2 cents and near 3.73. WZ is down 2 cents and near 4.75. SX is up 2 cents and near 8.80. US Dollar is lower. Crude is lower. Gold is higher.
Chicago corn rose for the first time in four sessions on Thursday as bargain buying lifted prices, but gains were limited on expectations of favorable rains across the U.S. Midwest. Soybeans edged higher after closing lower, while wheat dropped as ample supplies kept a lid on the market. Forecasts for some rain in key growing areas of the U.S. Midwest in the coming weeks is adding pressure on the corn market and bolstered the production view issued by the U.S. Department of Agriculture on Monday. EU wheat crop estimate was raised to 142.9 mmt vs 140.6 previous. Exports are now est near 24.8 mmt vs 21.9.
Weekly US wheat export sales are est near 200-500 mt, corn 200-700 mt and soybean 150-700 mt.
NOPA members likely crushed 155.826 million bushels of soybeans in July versus a June crush of 148.843 million bushels and 167.733-million-bushel in July a year ago. Soyoil supplies are seen at 1.530 billion pounds versus 1.535 billion pounds at the end of June and 1.764 billion pounds at the end of July 2018
The U.S. Midwest weather forecast for the near term remains the same with rains favoring the northern two-thirds of the region versus the southern areas. Temps will be fluctuating from average to below to the opposite into the second half of next week.
The 11 to 16 Day Outlook for the Midwest continues with models differing; the GFS has average temps and slightly below average precip and the European, below average temps and above average precip.
Wire story reports as President Trump maps out his re-election bid, farmers in this battleground state are backing him even with the U.S. Farm Belt bracing for deeper pain from his trade fight with China; in and around the livestock barns, agriculture building and an antique-tractor collection at the Iowa State Fair in recent days, farmers almost universally expressed support for the president and pledged to vote for him in 2020.
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