Another stellar week for grains as the bull rally picked up steam with wheat futures catapulting 35 cents, soy futures up 24 and corn rallying 11 cents.
- UNL’s Drought Monitor showed worsening conditions in W TX/ Ok and Central KS.
- The last 30 days has brought rainfall totals that are 400% more than normal from IL to OH.
- Buenos Aires Grain Exchange slashed their soy crop estimate to 44 MMT from 47 MMT last week.
- Export demand picks up for beans this week and remains solid for corn.
In The Cash Market:
- US average basis levels were up 1 and 2-cents a bushel on the week for corn and beans.
- Gulf export bids were up sharply on the week posting double-digit gains as river flooding continues to wreak havoc on barge flows.
- Soy crush plants were up strong on average for the week posting a 3-cent advance.
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