by Steve Freed,
Grains are lower. SK is down 2 cents and near 8.94. CK is down 1 cent and near 3.64. WK is down 7 cents and near 4.46. US Dollar is marginally lower. Crude is higher.
Chicago wheat futures slid on Wednesday as the market took a breather after the previous session’s biggest one-day gain in seven months which was triggered by fund buying and technicals. Soybeans rose for a second straight session but worries about Chinese demand following the spread of African swine fever weighed on prices.
The U.S. Department of Agriculture plans to eliminate its August “objective yield” surveys for corn and soybeans following a periodic five-year review; the USDA will limit its objective yield surveys for corn and soybeans to September, October and November, when crops are more fully developed.
The U.S. Midwest weather forecast has a system moving through the Plains and the Midwest bringing widespread and heavy precip. Things then quiet down for the end of the week, the weekend, and most of next week.
The U.S. Delta weather and the Southeast has moderate to heavy rain falling from the Delta through northern Mississippi today into Friday. After that, a period of drier weather will occur into the end of next week.
Brazil’s weather forecast continues with rainfall moving through the growing regions in an ongoing 10 day period. Argentina’s weather forecast has scattered rains through the growing areas this week. Rains move into the southern growing areas Friday and into the weekend. Another front has rains for the northern two-thirds of the growing areas the first half of next week.
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