Today is France’s most important day of the year – honoring the storming of the Bastille in Paris back in 1789. The storming of the Bastille is celebrated as the beginning of the French Revolution. The 14th is a national holiday and events are being held to commemorate the day in every city, town and village in France.................please click PDF to see more details

The number one topic in most trade reports continues to be the US/China trade problems and the expansion of tariffs by other countries in response to the US’s steel and aluminum tariffs. Even Turkey slapped a bunch of tariffs on US imports but luckily did not add anything to grain and corn by-products.
It was also a funny week in the US due to the July 4^th holiday coming on Wednesday which seemed to upset the futures market a bit. Nothing like a mid-week holiday to get the futures market all excited...............please click PDF to see more details

Summer weather has finally arrived in the south of France, pushing out the weeks of rain that we had been seeing. Daytime temperatures are now up in the mid-30’s centigrade (about 95 F) and there is not a cloud in the sky. Now all those soaking wet fields can dry up a little and the farmers can start smiling again.

I was in London this week for the International Grains Council Conference and the gala GAFTA dinner – a very busy three days but great to see many folks that I only see very rarely. The GAFTA dinner is also about the only time in the year when I get to get all duded up in my tuxedo.

There is nothing like some weakness in the market to get everyone excited and this week was certainly one for falling prices. Corn was down by about USD 6 m/t with soybeans down by USD 2- to 24 m/t, soymeal down by about USD 18 to 20 m/t, winter wheat and spring wheat both down by about USD 8 m/t --- everything was down.

This week was another of those down weeks for corn and soybean, not so much for wheat. Corn prices dropped by about USD 5 m/t while soybeans were down by close to USD 20 m/t and soymeal dropped USD 15 to 17 m/t. Wheat was only down a tad on the week with winter wheat almost steady and but spring wheat dropping by around USD 4 m/t...........please click PDF to see more details

This was a short week in the US with Monday being a holiday. The shorter week didn’t stop prices from falling lower. The USDA crop progress report this week showed that corn planting is all up to average (just as we had expected) and that even winter wheat condition had improved a little...............please click PDF to see more details

Monday is a holiday in the US so week ending prices do tend to do funny things in advance of a long weekend – no traders want to hold open positions for a three day weekend, just too much risk.
Soybeans, soymeal and wheat were all strong this week as corn prices just followed along, ending the week up just a shade. Soybeans were up by about USD 16 m/t on the week while soymeal was up by about USD 8 m/t for later delivery. Winter wheat prices were up by USD 9-10 m/t with spring wheat up by USD 5-6 m/t.................please click PDF to see more details 

Other than wheat prices there was not a great deal of change in US grain and oilseed prices this week.
Corn prices were up a little on the week, probably due to continued dryness in Brazil and the concern over the corn crop. Some experts are cutting the estimates of the Brazil crop by 10% but there is so much corn around that this may not cause a serious price rally.............please click PDF to see more details

It was another down week for grains and oilseeds this week – everything was lower: corn down by about USD 3 m/t, soymeal down USD 14 to 15 m/t, soybeans down by about USD 12 m/t, hard red winter wheat down by USD 14 m/t and soft red winter wheat down by about USD 10 m/t – even spring wheat was down by USD 6 m/t.