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Soybeans are expected to see modest corrective buying amid strong new-crop export sales. Corn and wheat are expected to trade mostly lower.
This month’s rise was primarily the result of farmers’ improved perception of current conditions on their farms.
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Grain and soy futures are expected to open with a varied tone today. Price direction will largely be determined by money flow to start the new month.
Corn, soybeans and wheat traded on both sides of unchanged while holding in relatively tight ranges during the overnight session.
The spring wheat CCI rating was the lowest of the growing season; the corn and soybean crops were still above their early July ratings.
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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