谷物Mostly Steady

In the overnight session the grains traded marginally lower with corn down 1 cent, wheat down 5 1/2 cents and soybeans down 1 1/4 cents. The U.S. dollar is trading down 1/3rd of a percent and crude oil has fallen 21 cents. A reportable sale of 240,000 metric tons of new crop soybeans was announced this morning.

On Wednesday, the Chinese market fell 5.9 percent causing the exchange to halt trading in 1,331 companies. Since the height of the market the Shanghai Composite Index has now fallen 32 percent. This major selloff in the Chinese equity markets will affect commodities as investors shore up capital to meet margin requirements, hedge equity losses and/or redeploy capital in the wake of sharp selloff.

Last night brought between .5-1 inch of precipitation between Oklahoma, north central Texas, Kansas City and Western Indiana. For Missouri, a state that has planted only 73 percent of soybeans as of July 5th, more rain is expected in the forecast throughout today and Thursday. Weather should begin to clear in Missouri next week with most of the precipitation focused on the eastern grain belt covering Indiana and Ohio. Temperatures throughout the majority of the Midwest will remain cooler than normal.

美国嘉吉公司提供wheat for $260 per metric ton in the latest GASC tender. This was significantly higher than Ukrainian wheat offered at $202 per metric ton and Russian wheat offered at $202 per ton. The strong dollar, along with the sharp grain rally over the last three weeks has hurt U.S. competitiveness on the global market.

—Cody Bills