The soybean CCI rating dropped below the five-year average for the first time this growing season.
Corn, soybean futures expected firmer after disappointing USDA crop ratings; wheat also higher.
Corn and wheat futures posted strong gains on corrective buying overnight, while soybeans sharply extended Monday’s gains.
The corn CCI rating is now below the five-year average for the first time this year. The soybean and spring wheat ratings remain above average.
New-crop corn tumbles to three-month low on Midwest rains, favorable weather; wheat off sharply, soybeans firmer.
Grain and soy futures open the week under pressure with cattle futures higher and hog futures mixed to mostly higher.
Corn futures expected lower on Midwest rainfall, break from June heat; soybeans, wheat firmer.
Key USDA reports Thursday: Grain Stocks, Acreage
Corn futures traded lower throughout the overnight session, while soybeans and wheat rebounded from initial losses.
