We kicked off the day with MBA 30-Year Mortgage Rate, MBA Mortgage Applications, MBA Mortgage Market Index, MBA Refinance Index, and MBA Purchase Index at 6:00 A.M., EIA Energy Stocks at 9:30 A.M., 17-Week Bill Auction at 10:30 A.M., 10-Year Note Auction at 12:00 P.M., Consumer Credit and Dairy Products Sales at 2:00 P.M. and Used Car Prices MoM & YoY.

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Purdue University’s monthly survey of US farmers surprisingly, showed an uptick in sentiment in July. The AG Economy Barometer rose n 8 points to a 4-month high of 113. The Current Conditions index was up 10 points to a 4-month high of 100, and the index of Future Expectations was up 7 points at 119. The July increases occurred due to fewer respondents saying that conditions were worse than a year ago, and fewer expecting bad times ahead. 34% of respondents indicated that their greatest concern forthe year ahead was high input costs, while 29% indicated weak commodity prices, 17% noted rising interest rates as their top concern, down from 23% in June, 72% of the surveys expected their cash rent in the year ahead would stay the same, 13% expected that they would decline, and 15% expected higher rents.

CBOT Corn Corrects; Trades Yields Guess = 182 BPA, (another nail biter); US Corn/Ethanol Export Demand Stays Robust: Corn markets ended weaker amid a lack of breaking news and the US cash levels begin to retreat on a sizable end-of-year producer selling. It’s known a sizable end-of-year producer selling. It’s known a sizable tranche of corn will change ownership over the next two weeks. Once this is completed, Ag Resources (ARC’s) bet is that a lasting bottom is similar to recent years defined by lack of major weather threats/large crops. Official US corn exports continue to exceed FGIS numbers by 15-16%. ARC estimates official corn exports through July at 2,101 Mil, leaving only 124 to be shipped in August to meet the USDA’s forecast without a collapse in weekly export data immediately, USDA will raise its forecast 25-40 Mil/Bu. US ethanol exports through June are also a record 963 Mil Gal, vs. 683 a year ago.  A close above $4.09 December corn, begins the process of chart healing. US export demand stays enlarged into spring 2025. It remains that downside hinges into spring 2025. It remains that downside hinges exclusively on national US yield above 183 BPA. The commercial trade’s average guess is 182.2.

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Sign Of The Times. The Corn & Ethanol Report
Weather Risks & Unemployment. The Corn & Ethanol Report
Funds Pile On Corn Sales. The Corn & Ethanol Report