Corn and soybeans were mildly firmer overnight on positioning ahead of USDA’s July crop reports at 11 a.m. CT. Weekend rains were ample across all but northern locations of the Midwest.
Price action was relatively quiet overnight on a lack of fresh news.
Corn and soybean basis both pull back after last week’s surge.
The corn CCI rating inched higher, while the soybean reading slipped.
Grain and soy futures opened under hefty pressure on weekend rains. Fat cattle futures are under pressure as lean hogs firm.
Corn and soybean basis surges on the rollover in contracts, but cash prices also soar.
The corn and soybean CCI ratings were little changed over the past week, but the spring wheat crop continues to deteriorate.
Corn pressured by weather, spring wheat supported by crop concerns. Hogs due for a corrective bounce, though that may be difficult to muster.
Corn and soybean basis continue to fall but remain higher than the three-year averages.
The spring wheat CCI rating is now 91.1 points below its five-year average.

Brian Grete