Grains are steady/mixed in overnight trading:
Sept Corn – 3 cents/bu (5.33 ¾ )
Dec Corn – 4 cents/bu (5.19 ¾ )
Nov Soybeans + ¾ cents/bu (13.20 ¼ )
Sept Chi Wheat unchanged (6.18)
Cdn $ +0.00255 (80.045 cents)
WTI Crude Oil +0.90/barrel (73.84)
Grains again traded both sides of unchanged overnight, but this time in narrower ranges and lighter volumes. Of course, we have the USDA July Supply and Demand Reports coming out on Monday, July 12th at noon ET, so traders are evening up positions ahead of that report.
Yesterday, grains were weaker, with US Midwest forecasts that continue to show good rains over the next 7 days pressuring corn and soybean futures. Wheat futures also came under pressure, as USA winter wheat harvest presses forward, with more anecdotal reports of above average yields emerging.
Overnight rains were heavy in western North Dakota, more scattered in South Dakota, and very good through all of Iowa. Heavy rains are expected for the heart of the Midwest tomorrow, with those rains moving eastward Sunday and early next week. Hopefully, these systems peter out before hitting Ontario, because we certainly do not need any more moisture!!!