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USDA reported weekly wheat sales of 405,800 MT for week ended June 29, while net corn sales rose 79% on the week to 251,700 MT. Soybean sales fell 17% week-over-week.

Wheat futures posted sharp losses during overnight trade, while corn and soybeans also traded lower.

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Grain and soy futures are expected to open with a varied tone this morning.

Two-sided trade was seen in grain markets overnight, but prices have turned firmer with the exception of SRW wheat.

Our updated monthly and quarterly price forecasts.

Soybean basis dropped sharply amid the surge in futures, but the average cash price still rose sharply.