USA: Afternoon market recap for July 29, 2021

The article provides an overview of the agricultural market, focusing on the agricultural news and trends. It discusses the impact of weather conditions on crops, such as moderating temperatures benefiting the Corn Belt and potential frost damage in Argentina. The article also reports on the USDA's export sales report, which shows an increase in new crop corn and soybean export sales, despite a decrease in old crop export sales. It notes that China is still a significant buyer of U.S. corn and soybeans, amidst expectations that the U.S. may reach its export targets for the 2020/21 marketing year. Additionally, the article touches on the market's reaction to these developments, with corn and soybean futures seeing gains. It also mentions the export of wheat, the end of the Wheat Quality Council's spring wheat tour, which confirmed below-average yields due to drought, and the impact of drought in the Canadian prairies and U.S. Northern Plains on global wheat production estimates. Furthermore, it provides updates on the drought conditions in the U.S., the COVID-19 vaccination progress in the U.S. and worldwide, and the stock market's performance, with the S&P 500 and Dow hitting record highs, despite economic concerns.