Grains were lower to start the week as were most of the outside commodity and equity markets.
The Pro Farmer crop tour gets underway today as two teams will traverse across the Midwest to come up with corn and soybean yield forecasts. This year, with USDA’s August forecast so much in question, the PF tour should take on added weight in helping the market determine a true value for yields.
This morning USDA announced the sale of 120,000 MT of new-crop sales to unknown destinations. That marks the 3rd trade day in a row of soybean deals announced by USDA.
In weather, rains return to the Midwest late Tue.-Thu., with the heaviest in C. & SW Iowa/N. Missouri/E. Kansas/far E. Nebraska. The 6-15 day shows rains in W. Midwest corn/soy and threaten pockets of excess rain (main risk in Iowa).
Crude oil prices fell Monday amid fading hope for a unilateral agreement on production cuts from major producers and as traders and money managers cashed in recent profits.The prospect of the OPEC agreeing with other major producers to cut or freeze production in September is now starting to fizzle out with most observers now convinced that there is little chance of a consensus being reached. Any tailwind this may have given to prices over the past week won't be there in the coming five days.
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