Grain prices are lower in overnight trading:
Sept Corn – 4 ¾ cents/bu (5.42 1/2 )
Dec Corn – 5 ¼ cents/bu (5.37 ¾ )
Nov Soybeans – 12 ½ cents/bu (13.39 ¼ )
Sept Chi Wheat – 11 cents/bu (6.73)
Cdn $ +0.00085 (79.60 cents)
WTI Crude Oil -0.40/barrel (71.67)
Grains have been under pressure since the resumption of trading last night. Corn futures have traded as much as 9 cents/bu lower, soybeans as much as 19 cents/bu lower, and Chicago wheat futures as much as 18 ½ cents/bu lower. There were scattered rains across portions of the Midwest over the weekend, but it will be hot this week across the Plains and the western Midwest. The heat will stress crops, but temperatures are expected to moderate and rainfall chances increase in the 11 to 15 day forecast window
Later this afternoon, we will get the USDA Weekly Crop Condition Ratings Report, with expectations for further degradation to the US Hard Red Spring Wheat crop, and steady to slightly lower ratings for corn and soybeans. Any greater than expected drops in row crop ratings will put more market