Low volume trading in the CBOT markets makes swings more dramatic and fundamentals hard to trade. Open Interest (the number of open contracts that need to be offset at some future date) in corn futures plus options, was 1.75 million as of Tuesday. The 5-year average OI for the same period is 2.1 million contracts. OI in Chicago wheat was 401,000, which was a record low for the period, with a 5-year average at 478,000. OI in beans was 860,000 vs. 880,000 5-year average.
USDA re-surveyed planted acres in MN, ND and SD in July and will update planted acres in the August 11th S&D. Physical plant count, ear and pod count surveys will not be included until the September report on Sept 12.
Yesterday morning USDA announced the sale of 909,460 mts of new crop soybeans as follows:
325,000 mts to China
171,460 mts to Mexico
413,000 mts to unknown
Ukraine attacked the Russian cities of Taganrog and Rostov-on-Don yesterday, an area that grows and exports nearly a third of Russia’s grain exports, mostly wheat, but some corn as well.
The US drought monitor is updated every Thursday. The percent of the US corn in a drought area increased 4% last week to 59% with 23% in a severe drought. Corn and bean ratings are expected to decline 1% to 2% in Monday's rating report.