Agriculture News
NWS forecast calls for above-normal temps across most of the country for August through October. Below-normal rainfall is expected over most of the central and western Corn Belt.
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.
Access your newsletter here.
Corn and soybeans are expected to open firmer, with corn getting a boost from a daily sale to China for 2022-23. Wheat is expected to open weaker.
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.
Export sales for the week ended July 8, 2022, shows larger than expected wheat exports, with soybeans falling short of expectations.
Overnight price action was two-sided and relatively quiet, though corn, soybeans and winter wheat all lower and near session lows this morning.