News
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.
Soybeans rally to highest close in a week on Midwest heat concerns; wheat up sharply in corrective bounce.
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.
Grain and soy futures are sharply higher to start the week. Livestock futures are also sharply higher.
Corn, soybean futures expected higher with hot week ahead for Midwest; wheat up from five-month lows.
Short-term chart trends mostly unchanged from the previous week.
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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.
Corn, soymeal hold strength into the close, soybeans, soy oil, and wheat end lower.