Modest corrective buying was seen in the corn, soybean and wheat markets overnight as traders continued to monitor weather and macroeconomics.
As of July 12, 69% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, down one percentage point from the previous week.
Corn and wheat are expected to open firmer based on late strength overnight but buying may be limited given negative outside markets.
Overnight price action was two-sided and relatively quiet, though corn, soybeans and winter wheat all lower and near session lows this morning.
Corn and soybean basis are both well above their respective three-year averages.
There was two-sided trade in grain and soy markets overnight, though outside markets have turned negative this morning.
Two-sided trade was seen in the grain and soy markets overnight, with corn and wheat firmer this morning while soybeans is modestly weaker.
World Weather Inc. says 2022 is closely tracking 1956, which turned into a good year for crops with some record yields despite hot, dry weather in the Plains and western areas of the Midwest.
Grain/soy futures expected to open daytime trade sharply lower on followthrough from heavy selling overnight and negative outside markets.
Corn, soybean and wheat futures faced heavy pressure overnight after initially trying to work to the upside.

Brian Grete