Compared to last week, cash bids for wheat, sorghum, soybeans, and corn were lower.  The vast majority of market interest when it comes to weather and crop loss right now has been on Argentine soybeans, but just as much should be on the country’s corn crop. In the majority of years that Argentina has a drought the loss of production in corn is actually greater than in soybeans.  Also, Brazilian corn production this year is just as uncertain as Argentina’s.  While we are in no danger of depleting the world corn supply at this time, trade is well aware that the global corn supply has already decreased a considerable amount in just one year.  Last week’s corn shipments came in at 55.4 million bushels and put total shipments down 27% from a year ago, a neutral-to-bearish pace overall.  The U.S.D.A. bumped ethanol demand by 50 million bu in its latest balance sheet update. There are thoughts the resulting distiller grains will off-set enough corn demand to raise corn carryout in future supply and demand reports.  Early Thursday, USDA said last week’s export sales and shipments of soybeans totaled 46.6 million and 33.1 million bushels, respectively, another bearish combination that has total soybean shipments down 12% in 2017-18 from a year ago.  Early Thursday, USDA said last week’s export sales and shipments of wheat totaled 6.0 million and 12.3 million bushels, respectively, another bearish combination that has total wheat shipments down 8% in 2017-18 from a year ago.  Wheat was 10 to 71 cents lower.  Corn was 4 3/4 to 9 cents lower.  Sorghum was 12 to 13 cents lower.  Soybeans were 19 1/4 to 23 1/4 cents lower.
Source:  USDA-MO Dept of Ag Market News Service, St Joseph, MO