-USDA reports modest soybean sale to unknown, no confirmation of SRW sales talk
-Warm/wet conditions in 6-10 day outlook
-South Korea buys South American corn for Sept-Oct
It’s a very quiet news morning heading into the weekend. This week’s Export Sales announcements have helped support grain
markets at times, but weather models not indicating any periods of persistent heat and dryness across the belt have kept gains in check. Warm and wet conditions are expected in the 6-10 day period, with 1-2 inch rain totals for much of the corn belt over the next 7 days indicated by the GFS models. Normal to slightly above normal temps and with normal precip is expected in the 11-16 day period for much of the corn belt.
 Wire services estimate fund net selling in corn over the last week at roughly 50k contracts for the period to be reflected in this afternoon’s CFTC data. Fund activity in soybeans and wheat, though, was seen as more modest with net selling of around 16.5k contracts in soybeans and net buying of 25.5k contracts in CBOT wheat. If accurate, these ideas would push the fund net short in corn to around 190k contracts, reduce the net short in CBOT wheat to roughly 7k contracts and extend the fund net long in soybeans to around 115k contracts.
ï‚· USDA reported the sale of 126k tonnes of soybeans to unknown for 2020/21 delivery. Still no confirmation of talk earlier in the week of China buying SRW wheat.
ï‚· South Korea bought 138k tonnes of corn overnight at $188.70/tonne c&f for Sept-Oct shipment and expected to be South
American origin.
 France’s soft wheat harvest surged over the last week, jumping to 47% complete from 11% the week prior and compares to last year’s 26%. Corn crop conditions slipped 1% in good/excellent to 82%, but remain strong and above last year’s 75% g/e at this time.