Alert: Grain markets open at 8:30 central time this morning
Rain over 4th of July holiday was mixed, with majority of the grain belt receiving small amounts of precipitation. Michigan, Missouri and Nebraska saw the heaviest rain with some areas receiving 1 to 3 inches. The 6 to 10 day outlook projects a drying pattern developing over the central and northern grain belt, while Indiana and Ohio will continue to see precipitation. Crop progress and conditions will be updated this afternoon by the USDA and few changes are expected following a week of good growing conditions. Last week the USDA projected 75% of corn and 72% of soybeans rated good to excellent.
There were three notable tenders on the international market this morning with Jordan issuing a tender to buy 100,000 metric tons of optional origin hard milling wheat, Turkey issuing a tender to purchase up to 235,000 metric tons of milling wheat as well as 200,000 metric tons of feed barley and the United Arab Emirates issuing a tender to purchase 100,000 metric tons of corn along with 30,000 metric tons of feed barley and 15,000 tons of soymeal.
There has been some talk over the weekend that U.S crushing facilities have been looking for South American soybeans for August and September delivery. Last week we did observe basis at river terminals and crushing facilities outperformed the rest of the market significantly, increasing 6 cents from June 25 to July 2.
