Edwards Market Thoughts

7/27/2021 8:00am

Corn is higher this morning on combination of GFS weather map reducing rain coverage in the WCB for this coming weekend and US G/E ratings dropping 1% instead of holding steady. US silking is running ahead of normal at 79% vs 73% normally while dough stage is 18% vs 17% avg. The weather maps continue to favor the ECB with moisture while parts of IA, Neb and Dakotas to see limited rains after the hot temps this week.

Brazilian safrinha corn harvest continues to run behind normal at 34% vs the 5 yr avg of 50%. Interior US corn basis levels are holding steady to firm at the River and Gulf while other domestic users are keeping basis levels on the defensive.

In other news China will auction off 250k tons of US/Ukraine corn into their domestic markets. Trade will be watching if China continues to load US corn at the current pace and how much will get rolled to new crop.

Focus for the market for now remains on US weather, growing conditions and possible US yield. Resistance for Sept corn toward $5.65-5.75 with support at yesterday's low of 5.36 1/2.


Local Weather
Weather radar map

Sioux Center, Iowa (51250)

Current Conditions: Cloudy
Temperature: 75°F Dew point: 64°F
Humidity: 69% Pressure: 30.10 in. Hg
Wind: 14 mph From: Northeast


Weather condition
Hi: 75°
Lo: 62°
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Lo: 61°
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Lo: 54°
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Hi: 82°
Lo: 52°
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Hi: 85°
Lo: 56°
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Siouxland Cash Bids
Name Delivery End Basis Cash Price Futures Price

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Quotes are delayed, as of July 30, 2021, 03:29:27 PM CDT or prior.
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.
Industry News

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Co Products Traffic
Soybeans Down Double Digits -

Soybean futures are trading with double digit losses of as much as 27 3/4 cents so far through Friday’s midday. Soymeal futures are also weaker at

Corn Prices Trading Lower through Midday -

Front month corn prices are trading red ahead of the weekend. Prices are down 4 3/4 to 7 1/4 cents so far. NOAA’s updated 7-day QPF shows

Hogs in Red ahead of Weekend -

So far for Friday, lean hog futures are trading 40 cents to $1.30 weaker. October contracts posted the limit loss on Wednesday, before being the

Cotton Red at Midday -

Cotton futures are trading the Friday session with midday losses of 53 points to 77 points. December is the weakest so far, and is now a 56 point

Wheat Market Mixed at Midday -

Friday wheat trading has the board mixed so far. Winter wheat futures are adding to the upside ahead of the weekend. CBT SRW futures are 1 3/4 to 3

Cattle Continue Lower -

Friday fat cattle trading has the board 22 to 80 cents red through midday. USDA confirmed cash trade for the week has gravitated to near $119-$120

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