Jerry Gulke: USDA Demand Adjustments Key in July WASDE

After the June report, traders prepared for a “new” trading environment with “burdensome” corn supplies and “pipeline” soybean supplies. Then came the anticlimactic July report.

The rhythm of wheat harvest is a symbolic sight during the summer months. This year, the sounds of harvest are rather quiet in some of the biggest wheat-producing areas of the country, as extreme drought turned into a deluge of rain. While farmers in those areas are faced with a difficult decision, possibly walking away and not harvesting some fields, other farmers are harvesting at a historic pace.

Based on the dialogue, the judge ruled the deal was “at least verbally struck” and directed the Canadian farmer to pay the grain elevator $82,000 plus interest and costs for failing to deliver the flax.