Grains are higher at midday:

Mar Corn + 3 ½  cents/bu (6.07 ¼  )

Mar Soybeans + 24 ½  cents/bu (14.11 ¾  )

Mar Chi Wheat + 10 ½  cents/bu (7.56 ½  )

Cdn $ +0.00485 (79.025 cents)

WTI Crude Oil -0.55/barrel (78.92)

Grains have rallied nicely this morning, and currently sit close to their highs for the day.  Grains were initially under pressure, as sellers continued to liquidate longs in profit taking and over concerns over soft USA export demand.

However, soymeal and soybean futures were the first to turn positive, as tremendous meal demand and building concerns over heat and dryness in parts of South America brought new buying to the table.  That buying allowed buy stops to be triggered in the market, and before we knew it we were up 25 cents/bu on old crop soybeans.

Similarly for wheat, we have seen consumptive buyers sit on their hands in 2022, as the market continued to weaken.  Today looked like more of the same until the whole grain complex started to strengthen.  Talk is building that millers have been good buyers today, as well as rumors of some potential export business.

Argentina, Paraguay, and southern Brazil are forecast to see extreme head and dryness for the next 7 to 10 days.  Some models do call for increased precipitation chances after that, but for now, traders are focused on the more nearby forecast, and the irreversible damage that is being done to crops, soybeans in particular, as they are filling.