Drought still covers two-thirds of U.S. winter wheat area.
If the forecast verifies, it suggests crop stress could develop across the western Corn Belt and persist in the Southern Plains
China continues to buy sizable quantities of U.S. old-crop soybeans, accounting for more than half of the weekly total.
Wheat and corn futures faced continued pressure from Wednesday’s losses overnight, while soybeans traded mixed.
SRW and HRW wheat basis weakens amid strong rally in cash prices.
Wheat futures faced heavy price pressure overnight, which pulled corn lower. Soybeans are mixed following two-sided trade overnight.
Wheat futures gapped higher overnight but reversed lower and are under heavy pressure this morning. Corn and soybeans also traded lower.
HRW CCI rating drops to the lowest of the year, while the SRW rating improved to its highest of the spring.
Soybean inspections continue to run stronger than normal for this time of year.
Wheat futures gapped higher overnight and corn and soybeans open the week amid solid price support. Lean hog futures are sharply higher with the cattle complex mixed to moderately lower.

Brian Grete