| Due to the 4th July US holiday, the weekly US export data will be released tomorrow, and we will cover this in tomorrow’s weekly review. With little other influencing data today, grain markets drifted lower as 7-day rainfall forecasts for the US corn belt continue to show rainfall across the US corn belt and into the Dakota’s. After the volatility recorded so far this week, global markets have drifted and the next big report will be the July USDA WASDE, set to be released on the 12th. CONAB released their updated crop production estimates today. The second corn crop at 66.97MT was down 2.99MT from June, with total production at 93.4MT, 3MT below June’s estimates. The USDA continues to estimate the Brazilian corn crop at 98.5MT, but with the next WASDE set to be released next week, downward revisions are likely. |
