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Weekly wheat inspections in week ended July 27 rose 220,413 MT from the previous week, topping the pre-report range. Shipments are now running 4.8% behind a year ago, compared to 16.9% last week.
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All signs point toward a sharply lower open in grains this morning, though a series of daily soybean sales could somewhat limit buying in that market.
Corn, soybeans and SRW wheat extended Thursday’s losses overnight, while the HRW and HRS markets also weakened.
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Grain and soy futures are expected to open mostly firmer this morning after favoring the upside in two-sided trade overnight.
USDA reported corn sales were up 33% on the week, while soybeans were up noticeably and up 73% from the four-week average. Weekly wheat sales rose 37% week-over-week, but were down 17% from the four-week average.