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Corn, soybeans and wheat initially extended Wednesday’s losses overnight but some contracts have firmed amid mild corrective buying early this morning.

Basis remains positive for both corn and soybeans, though below the respective three-year averages.

After the Bell | August 2, 2023

Putin mulls return to Black Sea grain pact | Farm bill update | SPR | Helping Taiwan

Corn and wheat futures are expected to open higher amid Black Sea supply concerns after Russia attacked a Ukrainian port on the Danube River. Soybeans are expected to open lower on forecasts for improved weather.

Corn and wheat futures posted corrective gains overnight after Russia attacked a key Ukrainian port but have come well off their highs this morning. Soybeans initially traded higher but have weakened.