Soybeans Follow Malaysian Palmoil Higher; Midday China Interest for US soybeans Lacking; KC wheat sags with contract lows in sight; Midday Forecast Cooler

CBOT values are widely mixed at midday. The grains lower while soybeans hold amid ongoing interest from China. Corn bounced from the morning lows on larger than expected weekly export inspections. December soymeal has an open chart gap at $300/ton which is solid resistance before the complex turns back lower. Wheat futures gapped lower on…

Wheat Sags as China SRW Demand Not Confirmed; Soybeans Rally On Large Chinese Purchase; Midday Central US weather is Cooler/Wetter into August

 CBOT values are mixed at midday with corn/soybeans firm, while the wheat market sags on diminished fund buying. Spread unwinding has been the morning’s feature with wheat/corn and soybean/corn spreads being exited.  The volume of trade is average, but few end users desire to chase corn/ soybean markets higher amid a favorable Central US weather.…

Wheat Soars on Massive Fund Buying on Rumors that China Secured 2 Cargoes of US SRW; Much Needed Rain for the Driest Midwest Areas Caps Corn/Soy

CBOT values are mixed to sharply higher with wheat gaining on both corn/soybeans at midday. Rumors abound that China may have secured 2 cargoes of US SRW wheat which has pushed Chi wheat into buy stops with spot futures are their best levels since March. September Chi wheat is back testing key chart-based resistance at…

USDA Announces Largest 1 Day Corn Sale to China on Record-3rd Best Ever; Midday GFS Forecast Calls for Widespread Midwest Rain; GASC Books Russian Wheat

CBOT values are mixed at midday with a turnaround Tuesday not finding much new demand. Amid some of the best rainfall potential (2-week Midwest forecast offers .75-3.00”) in the past 6 weeks, the bulls are having trouble garnering upside momentum. Much of the AM buying is short covering and the acceptance of windfall profits following…