USA: Soybean prices stand strong

Soybean prices enjoyed the biggest weekly gain in more than two decades after trending another 2% higher Friday as traders remained focused on the ample hot, dry weather that is expected across the central U.S. in early August. Corn also moved moderately higher, although prices were even better in overnight trading. Wheat continued to slide lower, however, with some contracts down nearly 2% today. Most of the Midwest and Plains will see at least some measurable moisture between Saturday and Tuesday, with some areas of the Mid-South set to gather another 1” to 2” during this time, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s new 8-to-14-day outlook predicts a return to seasonally dry weather for the Central Plains and western Corn Belt between August 5 and August 11, with hotter-than-normal conditions prevalent across the entire central U.S. On Wall St., the Dow moved another 266 points higher in afternoon trading to 32,796 and is on pace for 6% gains ...