August options expire Friday.
As you saw on our yesterday morning rain days report, there was definitely a lot of rain added to the forecast for the Corn Belt Monday to Tuesday overnight. Eric Snodgrass agrees for the next several days to a week, but he sees dry with very hot temperatures returning before the end of July. Frankly, Roger was surprised corn was not weaker than it was Tuesday and so far today.
USDA reported yesterday morning the sales of 133,000 mt of new crop corn to China.
AgriCensus is an independent price reporting agency (PRA) dedicated to provide impartial price information about agriculture commodities. They do not buy or sell products. Their job is to know who is buying what from whom at what price. Their services are available on a subscription basis. AgriCensus reported yesterday China bought from Brazil and USA a total of 10 ship loads of soybeans yesterday for October, November, February and March delivery. However, soybean basis at the Gulf was weaker Monday and Tuesday. That means the beans China supposedly bought are to be loaded in the Pacific Northwest (PNW).