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Corn and soybeans are expected to open moderately to sharply higher on support from crop concerns. Wheat is likely to be mixed.
Corn futures posted double-digit gains overnight amid increased weather/crop concerns. Soybeans also traded higher, while wheat was narrowly mixed.
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Winter wheat production was reported the average trade guess, due to a notable drop in estimated SRW wheat production from May. Meanwhile, U.S. carryover for corn and soybeans landed above pre-report estimates.
Given the mostly neutral data, focus will now be on weather and USDA’s Acreage and Quarterly Grain Stocks Reports at the end of the month.
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Quiet trade is expected in the grain and soy markets this morning as traders await USDA’s June crop reports.
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Price action was relatively quiet overnight as traders await USDA’s crop reports later this morning.