Seasonal shift in markets' focus
We are now at a stage of the marketing year where we see a shift in the fundamental interest of the market. Until now, trade interest had been split between old and new crop. As we get closer to the end of July, more attention will be placed on new crop than old. This is especially the case in the export market and what we may see for demand.

The new crop export program for corn and soybeans started out very strong with record bookings seen for both commodities. The strong start to the export program has trailed off in recent weeks, though, as the United States is seeing more competition in the market from South America.

Not only are offers out of South America at a discount to the United States, but...