The prospect of plentiful hot, dry weather in the central U.S. rolling into August prompted a round of technical buying that lifted nearby soybean contracts more than 3% higher on Wednesday. The spillover strength also helped corn prices find moderate gains today. Wheat failed to follow suit, meantime, with most contracts down around 1.75% as traders eye Ukraine’s latest export prospects.
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More rain is on its way across the lower Midwest between Thursday and Sunday, with a band stretching from southern Kansas through Kentucky and Tennessee likely to gather the largest totals (more than 4” in some spots), per NOAA’s latest 72-hour cumulative precipitation map. NOAA’s 8-to-14-day outlook predicts a return to seasonally hot, dry weather for most of the Corn Belt between August 3 and August 9. On Wall St., the Dow climbed 378 points in afternoon trading to 32,140 as investors absorbed news from the latest Federal Reserve meeting that concluded today. The Fed enacted another interest rate hike of 75 basis points in an attempt to slow inflation trends, a move that was largely expected. Energy futures jumped significantly higher, with crude oil up more than 2.5% this afternoon to $97 per barrel. Diesel rose 3.5%, with gasoline up around 1.75%. The U.S. Dollar softened moderately. On Tuesday, commodity funds were net buyers of all major grain contracts, including corn ...
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