Agriculture News
Grain and soy futures firmed overnight amid concerns about the deal to restart Ukraine’s grain exports and forecasts calling for a return of heat and dryness after some temporary relief.
Weekly exports meet trade expectations for the week ended July 14, 2022.
Corn and soybean futures extended losses from the two previous days overnight. Wheat futures also weakened.
Corn and soybean basis remains well above the respective three-year averages.
Wheat futures posted strong gains overnight, while soybeans faced followthrough selling, though they are well off their lows this morning. Corn was caught in the middle.
Corn futures more than wiped out Monday’s gains overnight, while soybeans and wheat gave back a portion of yesterday’s price strength.
The spring wheat CCI rating rose to its highest of the growing season.
Export Inspections for week ended July 14, were within the range of estimates for corn and soybeans, while wheat fell shy of what was expected.
Short-term chart trends mostly unchanged from the previous week.
Corn, soybeans and wheat all traded solidly higher overnight amid a round of corrective buying.
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