Tidbits, Markets, Black Sea & French Wheat, Crop Progress, ENSO, Export Inspections 7/21/26
Tidbits
Markets: August CBOT options expire Friday.
Corn, soybeans, and wheat all gapped higher on the opening Sunday evening; wheat filled the gap and closed lower on Monday. Corn and beans did not fill the gap on Monday, but corn filled it on Tuesday. November soybeans finally made a new contract high by 18¢ at $12.32 and settled up 23¼¢.
To learn what the significance of gaps, go to: https://www.wrightonthemarket.com/post/gaps-and-how-to-use-them
For a reference, December corn made its low for the year on this date in 2003 at $2.10, traded to $2.47 on 4 September, $2.13 on 21 October, $2.50 on 30 October, and $2.54¾ on 12 December.
Flash sales: Yesterday morning, the USDA announced the sale of:
264,000 mts of new crop soybeans to China
110,000 mts of new crop soybeans to unknown
100,000 mts of new crop corn to Colombia
Tariffs: President Donald Trump unveiled 50% tariffs on a wide range of imports from Canada on Monday in response to what the U.S. administration called its discriminatory treatment of American-made cars, alcohol and dairy goods, threatening a new front in a global trade war.
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