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Corn, soybeans and wheat traded sharply higher overnight amid rising geopolitical tensions after Ukraine attacked a major Russian Black Sea port.

Our monthly and quarterly price forecasts, including the first projections for the first quarter of 2024.

After the Bell | August 3, 2023

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Soybeans are expected to see modest corrective buying amid strong new-crop export sales. Corn and wheat are expected to trade mostly lower.

Old-crop weekly soybean sales faded on the week, while new-crop sales rose steadily amid a recent uptick in purchases. Meanwhile, old-crop corn sales were shy of the pre-report range, while wheat sales rose notably.

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.