Brian Grete

USDA’s cuts to crop condition ratings Monday afternoon fueled buying in grain and soy markets overnight.
The spring wheat CCI rating also declined from the previous week.
Corn export inspections fall well short of expectations.
Wheat futures led losses in the grain markets overnight, while corn and soybeans posted lesser declines.
Grain and soybean futures are expected to open lower amid a favorable near-term weather forecast and outside market factors.
After failing to find sustained followthrough from Thursday’s gains early in the overnight session, corn, soybean and wheat futures faded.
Based on the Drought Monitor, USDA estimates the drought footprint at 31% for corn acres, 28% for soybeans, 17% for spring wheat and 65% for cotton.
Two-sided trade was seen in the grain and soy markets overnight, with corn and soybeans mildly weaker and wheat favoring the upside this morning
Corn and soybean basis declines from recent peaks but remains well above average.
Grains faced followthrough selling early in the overnight session, but markets are higher this morning amid corrective buying, led by wheat.