On the Grains
After an encouraging comeback to positive territory by the close yesterday, grains are all lower again in overnight trade thus far. Yesterday’s fundamental news was encouraging for corn and wheat when weekly export inspections both came in at the high end of expectations. Soybean inspections, on the other hand, were near the low end of expectations.
In overnight trade, both stocks and energies are showing at least an attempt to rebound after the horrendous nosedive but not the grains. Traders are back to bracing for expected increases in crop size and ending stocks in the Aug. 12 WASDE. After the close we got the weekly crop progress and condition reports. The percentage of corn rated Good/Excellent dropped a point, as expected, to 67%, but still much better than last year at 57%. The portion rated Poor to Very Poor rose a point, to 10%, but still below last year at 14% P/VP.
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