# Afternoon Market Recap for July 16, 2021 - Morrow County Grain Growers

> Wheat prices rose sharply on Friday on tightening domestic stocks, lower production among key competitors, and US weather problems, posting their biggest weekly gain in six years. Soybeans edged higher while corn fell over 1% on technical selling. NOAA forecasts hot, dry weather for the central US in late July, and crude oil rose to $72 per barrel.

- Date: 2021-07-16 · published 2021-07-16T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/7780-afternoon-market-recap-for-july-16-2021-morrow-county-grain-growers
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Tightening wheat stocks and lower competitor output support wheat prices, raising feed wheat costs. Forecast heat for the central US could revive corn and soybean weather premium, though current selling pressure limits gains.

## Read by commodity

- SOY: bullish ▲
- WTI: bullish ▲
- CORN: bearish ▼
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2019-05-22 | [Afternoon Market Recap for May 24, 2019 - HighLine Grain Growers, Inc](https://feedsoft.ai/events/5437-afternoon-market-recap-for-may-24-2019-highline-grain-growers-inc.md) | -12.8% | -6.3% |
| WHEAT | 2022-07-29 | [Grain Market Update 29th July - Irish Farmers' Association](https://feedsoft.ai/events/11487-grain-market-update-29th-july-irish-farmers-association.md) | +4.4% | -0.4% |
| WHEAT | 2020-07-20 | [Grain Market Update 21st July - Irish Farmers' Association](https://feedsoft.ai/events/6207-grain-market-update-21st-july-irish-farmers-association.md) | +0.7% | -1.8% |
| WHEAT | 2021-02-17 | [Daily Market Wire 17 February 2021 - Grain Central](https://feedsoft.ai/events/9255-daily-market-wire-17-february-2021-grain-central.md) | +0.8% | -0.3% |
| WHEAT | 2026-07-06 | [Here are 3 big reasons for the grain market's post-4th of July rally - Pro Farmer](https://feedsoft.ai/events/10786-here-are-3-big-reasons-for-the-grain-market-s-post-4th-of-july-rally-pro-farmer.md) | +0.2% | +1.3% |
| SOY | 2019-05-22 | [Afternoon Market Recap for May 24, 2019 - HighLine Grain Growers, Inc](https://feedsoft.ai/events/5437-afternoon-market-recap-for-may-24-2019-highline-grain-growers-inc.md) | +6.1% | +9.9% |
| SOY | 2021-02-17 | [Daily Market Wire 17 February 2021 - Grain Central](https://feedsoft.ai/events/9255-daily-market-wire-17-february-2021-grain-central.md) | +1.5% | +2.8% |
| SOY | 2021-08-24 | [Dry weather risk for 2021/22 South American crops: Grain market daily \| AHDB](https://feedsoft.ai/events/45430-dry-weather-risk-for-2021-22-south-american-crops-grain-market-daily-ahdb.md) | +0.8% | -1.5% |

## Sources

- mcgg.net: https://mcgg.net/story-afternoon-market-recap-july-16-2021-22-216066

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.