Grain prices were mixed but mostly lower in midweek trading. The latest weather forecasts suggest enough timely rains will land on parched soybean fields and lift (or at least protect) yield potential, which trimmed prices by around 0.7% on Wednesday. Winter wheat prices also trended lower, losing as much as 1%.
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More rains are coming to the eastern Corn Belt later this week, with some areas set to gather another 1.5 inches or more between Thursday and Sunday, per the latest 72-hour cumulative precipitation map from NOAA. Parts of the Central Plains and most of Iowa will receive no measurable moisture during that time, in contrast. NOAA’s new 8-to-14-day outlook predicts a return to seasonally dry weather for the Northern Plains and upper Midwest between August 10 and August 16, with warmer-than-normal conditions likely for most of the central U.S. On Wall St., the Dow climbed 464 points in afternoon trading to 32,861 after a healthy dose of new durable goods orders and manufacturing data. Energy futures were mixed. Crude oil fell another 3% this afternoon to $91 per barrel. Gasoline was also down more than 3.5%, while diesel firmed more than 1.25%. The U.S. Dollar firmed moderately. On Tuesday, commodity funds were net buyers of soymeal (+3,000) contracts but were net sellers of corn ...
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