Corn having a great week after starting with a gap lower on Sunday. December corn started the week at $6.18 and closed the week at $6.64 with a high on the week at 6.71. Pro Farmer Tour has given some less than ideal yields for much of the corn belt leading some to believe national yields will be much lower than the 175.4 that USDA currently has estimated. Along with lower US yields the European Union is also struggling with crop production with what is being described as the worst drought in 500 years. Shipments out of Ukraine have been helping and no problems have occurred but even with Ukrainian corn it will not be enough to offset production losses. China is also facing some weather issues with drought which could lead to increased imports.
Soybean following along with corn, but yields were not as bad according to the crop tour and nearby rains could benefit the soybeans. November starting the week off at $13.98 and closing at $14.61. Crude oil has been slipping and now trading near $90/barrel, but OPEC announced it was lowering production to help fight board price manipulation. Soybean oil and soybean meal have been strong, with China trying hard to get more meal from Brazil to keep up with hog feeding demand.
Chicago wheat maintains its sideways trend starting the week at $7.71 and closing at $8.05 which was the top end of the trading range. Wheat supplies seem to be steady with Ukraine exports and a huge Russia crop expected. There may be some issues as Ukraine lowers planted acres as they have been struggling to get winter wheat inputs bought and have working equipment. Ukraine said they may drop acre by 30-40% if things continue.