News
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.
As of July 12, 69% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, down one percentage point from the previous week.
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Corn and wheat are expected to open firmer based on late strength overnight but buying may be limited given negative outside markets.
Export sales for the week ended July 8, 2022, shows larger than expected wheat exports, with soybeans falling short of expectations.
Overnight price action was two-sided and relatively quiet, though corn, soybeans and winter wheat all lower and near session lows this morning.
Corn and soybean basis are both well above their respective three-year averages.