As of Aug. 16, 67% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, up one point from the previous week. Rainfall across the Midwest was ‘hit-and-miss.’

Corn, soybeans under pressure ahead of Midwest rains; winter wheat drops to seven-month low.

USDA export sales data through week ending August 11, revealed new-crop soybeans sales were the largest for either 2021-22 or 2022-23 since the end of March, with wheat export sales reaching a marketing-year low.

Active followthrough selling weighed on wheat overnight, while corn and soybeans faded amid spillover pressure and favorable weather forecasts.

Corn and soybean basis continues to slip ahead of harvest, but remains well above average.

Corn, soybean futures bounce from early weakness, end higher, though Midwest weather leans bearish; wheat lower.