After Friday saw a late session correction, some spill over correction was seen Monday as well. March is now the lead contract and today's correction came within three cents of contract lows before finding better support.
The dominant feature for the agricultural markets this month was northern hemisphere production. Particularly important were the U.S. corn and soybean crops and the Russian wheat crop. All three crops started the month with modest expectations and some areas of concern, but by month’s end all crop estimates had increased. In the case of Russian wheat, they had increased significantly.
Weekly export inspections for the week ending August 3 came in at 979,000 MT. It's similar to the previous week's movement, but it's more than one-third below what had been exported the same week a year ago in 2016. Corn exports are also slowing.
Grain prices are all in the green this morning. Canola is acting quite resilient in the face of the Canadian Loonie touching 79.5 cents USD. December corn is back above $4 USD / bushel and November soybeans are back into double digits as well.