Agriculture News
Wheat futures faced heavy selling overnight, while corn extended this week’s sharp losses amid reports a deal to restart Ukrainian grain exports will be signed today.
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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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.