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Report coming on impact of surging fertilizer prices

Wheat futures rebound overnight but still heading for second straight weekly loss, corn and soybeans firmer.

Wheat futures faced followthrough selling at points overnight but are firmer and trading near session highs in a modest corrective rebound this morning. Corn mildly eased, while soybeans held in their choppy range.

Sixteen auctions in a month saw new records posted in price per productivity index point.

Corn, soybean futures end higher after USDA Supply and Demand update brings few surprises, wheat ends at six-week low.

Drought-affected areas expanded and intensified on the Drought Monitor map in areas of the South including Louisiana, Arkansas and Texas as well as in the Southern Plains.

We expected a yawner from USDA this month and that’s exactly what it delivered, aside from wheat – and even that wasn’t a surprise.

The USDA increased U.S. and global wheat and corn carryout numbers above pre-report estimates. Meanwhile, U.S. and global cotton and soybean carryout numbers were under pre-report estimates.