Grains posted anemic gains overnight after yesterday’s sharp sell-off. Equity futures were up overnight and crude oil was hovering around unchanged waiting for fresh EIA inventory data later this morning.
The latest weather models show hot weather on Thursday and Friday in the Midwest, but subsiding after that. By early next week high temps are expected to be 7 degrees lower and by late next week be as much as 10 degrees lower. Rain also appears to be most likely this weekend into next week in the heart of the Corn Belt.
In overnight news, a South Korea feed buyer bought 70,000 MT of optional origin corn. Jordan passed on its tender aiming to buy 100,000 MT of wheat while Syria bought 200,000 MT of Russian wheat.
Crude oil is holding ground at a 10-week low, after the American Petroleum Institute reported that U.S. crude supplies fell by 2.3 million barrels for the week ended July 15, according to sources. The closely watched Energy Information Administration report will be released Wednesday. Analysts polled by S&P Global Platts forecast a decline of 1.25 million barrels for crude inventories.
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