Soybean futures sharply extended this week’s price surge overnight amid forecasts calling for hot and dry conditions in early August. Corn and wheat also posted strong gains.
As of July 26, 68% of the U.S. was experiencing abnormal dryness/drought, down one percentage point from the previous week, but flash drought intensified over parts of the Great Plains, Ozarks, and Mississippi Valley.
Corn and soybean futures were supported by followthrough buying overnight amid forecasts calling for hot and dry conditions next week, while wheat rebounded from Wednesday’s losses.
