News
Weekly corn inspections during the week ended Aug. 1 totaled 1.2 MMT, up 143,000 MT from the previous week and topping analysts’ pre-report expectations.
CBO report on House farm bill scoring will not please House Ag Chair Thompson
Soybeans led strength overnight with corn seeing modest gains as well. Wheat saw relative weakness most of the overnight session though rebounded into the break.
Corn and soybeans edged lower, though modest short-covering in wheat pulled both from session lows.
Wheat saw relative strength overnight while corn and soybeans saw modest selling pressure.
New-crop export sales for corn, soybeans and wheat each landed within analysts’ pre-report expectations, though soyoil sales posted net reductions for a second straight week.
Fed’s Powell Signals Rate Cut in September Depending on Data
Corn and soybean basis remains well below average despite weak cash prices.