Morning Highlights



  • North Korea fired two missiles into the Sea of Japan. The US is evaluating the situation.

  • China approved several companies to buy US cotton, corn, sorghum, and pork, all with no tariffs. This was done ahead talks that will take place next week in Shanghai.

  • September crude oil was up $0.83 a barrel trading at $56.71 a barrel. Gold is off 10 points at $1,425.90 per troy ounce.

  • August grain and oil seed options expire Friday July 26th.

  • The Dow was up 0.14%. Asian markets were higher, the Hang Seng was up 59 points at 28,645.0, the Nikkei was up 46.98 trading at 21,756.17, and the Shanghai composite was climbed 0.2% t0 2,923.24.



  • Corn traded in a very narrow range last night from $4.22 and closing at $4.25 ¾. Technical support for September corn stands at $4.17 ¾.

  • China sold 681.4 tmt of reserve corn at an average price of 1,678 yuan.

  • Export sales for corn were 121.2 tmt old crop and 386.6 tmt new crop, that’s in the range of 250 tmt to 700 tmt.

  • Corn on the Dalian exchange rallied 2 ½ cents to close at 1,927 yuan per tonne.

 Outlook:  Steady to a penny higher.



  • Soybeans traded higher on growing weather concerns and hope that the US and China will be able to move towards an agreement next week. Soybean meal was up $0.10 per ton at $306.30 a ton. Soybean oil was up 25 points at 28.55.  

  • Export sales for soybeans were 78.1 tmt cancelled old crop and 223.7 tmt new crop, that’s in the range of 100 tmt to 600 tmt. Soybean meal sales were 87.3 tmt. Soybean oil sales were 3,600 tonnes.

  • Malaysian palm oil traded 29 ringgits higher at 2,058 per tonne. A lack of monsoon rains has slowed the planting of oilseed crops.

  • Soybeans on the Dalian exchange traded 8 cents higher at 3,403 yuan per tonne. Soybean meal was up $2.10 per tonne at 2,805 yuan per tonne.

 Outlook:  4 to 6 cents higher.



  • The wheat complex traded lower overnight testing support at $4.86 setting up a test to $4.72 ¼ for September Chicago wheat.

  • The Wheat Quality Council’s Hard Spring Wheat and Durum Tour turned in day two results at 40.6 bushels per acre, which was down from last year’s 41.3 bushels per acre and below the five year average of 43.9.  You can follow CHS Hedging’s tour participant on Twitter at our homepage CHS Hedging or Twitter .

  • Export sales for wheat were 659.8 tmt, that’s above the range of 200 tmt to 450 tmt.

  • Japan bought 114.2 tmt of wheat from the US in their regular tender.

  • The Philippines tendered for 55 tmt of feed wheat after a second group bought 275 tmt the day before. The origin is expected to Australia.  


Outlook: 3 to 5 cents lower.