Market Perspective

Grain markets continue to feel the pressure from export competition for wheat sales and impending large corn and soybean crops. The last couple of USDA Crop Reports have done nothing to break the downward trend that the grain markets have experienced over the last two months. The Grain Stocks and Planting Intentions Report, which came out on June 30, showed corn stocks about 130 million bu higher than expected. Soybean acres are projected to be a record 84.8 million. Since then, the weather in the cornbelt has been just about ideal as evidenced by the weekly crop ratings which now stand at 76%...