USA: Grain prices substantially lower

USDA released its July World Agricultural Supply and Demand Estimates report this morning, and a set of generally unhelpful data triggered a round of technical selling that pushed grain prices substantially lower. Corn futures were hit the hardest after tumbling more than 6% lower. Most wheat contracts lost 4% to 5% today, while soybeans slid 3% lower. Click here for our exclusive coverage and analysis of today’s report. Not much rain is expected across the central U.S. between Wednesday and Saturday, although a very small part of the upper Midwest could gather up to 1” over the next three days, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day outlook predicts more seasonally dry weather for much of the Midwest and Plains between July 19 and July 25, with widespread hotter-than-normal conditions likely during this time. On Wall St., the Dow trended 41 points higher in afternoon trading to 31,214 as investors seem to be in a pattern of ...