US soybeans and corn rally from early losses

Soybeans were higher on commercial and technical buying, bouncing back from some early losses. Northern and western growing areas will see more hot, dry weather, but there’s a chance for relatively cooler, wetter conditions later this week. Even then, the precipitation in those northern and western growing areas likely won’t be a drought buster. The USDA says 58% of the crop is in good to excellent shape, 2% lower, with 76% of the crop blooming, compared to the five-year average of 71%, and 42% at the pod setting stage, compared to 36% on average. The USDA’s new production estimates are out August 12th, along with the monthly supply and demand numbers. Any yield reduction will signal further tightening of already historically tight carryout projections for next marketing year. First notice day for August contracts is Friday, with deliveries on soybeans expected to be very light. Export inspections were up on the week, down on the year, with Mexico and Bangladesh leading the way. ...