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Wheat edged up on Wednesday to extend two-day gains to more than 1 percent, with concerns that dry weather would hit crops in key producing regions.
Soybean prices crept higher to extend gains into a fourth consecutive sessions, while corn firmed.
The gains in the crop markets came despite forecasts for rain this week for much of the Midwest. Maps show storms developing today in Nebraska and South Dakota and then spreading east to Iowa and northern Illinois on Wednesday and then stretching from Kansas to Ohio on Thursday.
The 6- to 10-day outlook (July 2-6) is mild and wet for the Midwest but the 8 to 14-day outlook (July 4-10) is hot for much of the country with the Midwest being wet and the northern Plains dry.
The world biggest grains buyer (china) approved two new approved two new strains of U.S. genetically modified (GMO) crops for import, and The United States hopes that more varieties of its genetically modified corn will be approved for import by Beijing
Exports – USDA, Reuters:
• South Korea’s corn processing group bought about 60,000 metric tons optional-origin corn overnight for arrival about mid-October. The deal follows Monday’s purchases of about 625,000 tons of corn by other South Korean groups.
• Iraq seeks to buy 50,000 metric tons of hard wheat from the U.S., Canada or Australia. The tender closes July 3 with offers valid until July 9. Shipment details were not published.
• Bangladesh is in the market for 50,000 metric tons of wheat. The tender closes July 11, with shipment 40 days after deals are signed.
OPEC will not rush into making a further cut in oil output or end some countries' exemptions to output limits, although a meeting in Russia next month is likely to consider further steps to support the market.
CBOT July wheat settled up 3-1/4 cents at $4.53-1/4 per bushel, snapping a four-session slide.
U.S. wheat futures rose on Tuesday, led by a jump in Minneapolis Grain Exchange (MGEX) spring wheat to near three-year highs on declining crop ratings and forecasts for dry weather in the northern U.S. Plains and a weaker U.S. dollar lent additional support.
The USDA late Monday rated 40 percent of the U.S. spring wheat crop in good to excellent condition, down from 41 percent the previous week
Pivot Point: 452.75
CBOT July corn settled up 1/4 cent at $3.59-1/4 per bushel, with new-crop December up 1/2 cent at $3.77-1/2.
The Corn futures closed fractionally higher on Tuesday, supported by disappointing weekly crop ratings and broad-based strength in the commodity sector
The USDA late Monday rated 67 percent of the U.S. corn crop in good to excellent condition, unchanged from a week earlier but below an average of analyst estimates for 68 percent
The expectations that the USDA in an acreage report on Friday to trim its estimate of U.S. corn plantings to 89.903 million acres, from the March forecast of 89.996 million
Pivot Point: 360.58
CBOT July soybean futures settled up 4-1/2 cents at $9.11-1/4 a bushel,
CBOT July soyoil ended up 0.56 cent at 32.08 cents per lb, gaining against soymeal on oil/meal spreads.
CBOT July soymeal ended down 10 cents at $294 per short ton.
The expectations that the USDA in an acreage report due Friday to raise slightly its estimate of U.S. soybean plantings to 89.750 million acres, from the March forecast of 89.482 million.
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