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.
Soybeans fell below Monday’s lows overnight, while corn held that support and wheat pivoted around yesterday’s lows.
The corn CCI rating slipped despite the unchanged good/excellent national ratings, as Iowa and Nebraska both declined.
Grain and soy futures are under hefty price pressure this morning. Cattle futures are higher with lean hogs under light pressure.
Corn and wheat futures were pressured overnight by news the first ship carrying Ukrainian grain left the port of Odesa.
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.

Brian Grete