9:45 Market Direction:  Corn up 2; Beans unc

Corn and soybeans are attempting a mild recovery although gains will likely be limited until more is known about the current weather system. The financial markets are rebounding following a choppy night of trading and sharp losses on Wednesday. China says they will retaliate if the US imposes new tariffs, but that seems more like old news than new.

The Dow is showing gains of 110 points following yesterday’s 800-point loss.

The weather outlook for the Midwest remains unchanged as needed rains are expected to move across the dry regions of E IA, IL and IN over the next few days. Rainfall totals over the next 7 days should be heaviest in the northern half of MO, S IA and W IL where totals could reach 2 - 3” over the next week.

NOAA’s 6 to 10 and 8 to 14-day models are looking like previous runs with above normal temperatures common while precip totals should be normal to above normal. The exception is the C and S Plains where rain chances will remain below normal.

NOPA crush data will be released later this morning with traders expecting to see a rebound from the June data that showed the lowest crush numbers in 21 months. Traders are expecting to see the July crush near 155.8 mb, down from last year’s crush of 167.7 mb but a rebound from last month’s crush of 148.8 mb.

Summary Items:
Weekly exports remain dismal for grains.
Grains attempt rebound; rain in dry regions?.
Retail sales rose .7% during the month of July.

Corn - $4.00 Spring    

Beans - $9.54 Spring