Grain markets came back from the holiday weekend in a selling mood with soybeans off 20 cents, wheat off 15 cents and corn down 10 cents.
Global markets were generally sour overnight following the election results in Greece where voters there shunned the EU & IMF bailout deal. Greek banks are said to be running out of cash and facing the danger of collapse within days without new aid. Amidst this uncertainty, equity markets in the US were sharply lower overnight as was oil while the dollar was up on a flight to stability.
Over the weekend, weather was more benign than expected going into the weekend as rain accumulations in flooded areas were limited. However, over the next two days storms are expected to bring more rain to Missouri and the Southern parts of IL/IN/OH where flooding has been most problematic. After the close of trading today, USDA will announce the latest crop condition scores and traders expect another drop in crop conditions.
Internationally, France found a bit of relief from the dry heat wave over the weekend with cooler temps and some modest precipitation. However, Western Europe is still expected to be dry for the next 10 days despite the break in heat. On the Canadian prairies, they too found some relief over the weekend from scorching temperatures but there is little change in the outlook which points to a continuation of the heat wave and dry conditions that have plagued the region in the past month.
