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Soybeans firmer in corrective rebound, corn steady-firm as traders watch weather, Pro Farmer Crop Tour.
First Thing Today | August 22, 2022 Soybean futures post corrective gains overnight as market awaits Pro Farmer Crop Tour reports.
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Corn, soybean futures end firmer but down for the week as traders await Midwest Crop Tour; wheat up in corrective bounce.
Given that all three categories were on the bearish side of the average pre-report estimates, cattle futures will likely face pressure on Monday.
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Soybeans expected lower with rain expected to aid crops; corn little changed, wheat firmer in correction.
Wheat futures were supported by mild corrective buying overnight, while corn and soybeans pulled back from yesterday’s gains.
Corn, soybean futures end higher second day in row on stronger exports as traders eye weather; wheat drops to 10-month lows.
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The NWS 30-day forecast calls for below-normal precip across the northern and western Corn Belt during September. There are also higher odds of above-normal temps over much of the western Corn Belt next month.
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As of Aug. 16, 67% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, up one point from the previous week. Rainfall across the Midwest was ‘hit-and-miss.’
Corn, soybeans under pressure ahead of Midwest rains; winter wheat drops to seven-month low.
USDA export sales data through week ending August 11, revealed new-crop soybeans sales were the largest for either 2021-22 or 2022-23 since the end of March, with wheat export sales reaching a marketing-year low.
Active followthrough selling weighed on wheat overnight, while corn and soybeans faded amid spillover pressure and favorable weather forecasts.