Morning Calls & Comments (8/10)
Corn: 5 to 7 cents higher.
Soybeans: 10 to 12 cents higher.
Wheat: 13 to 17 cents higher.
Soybean futures reached the highest level in over a week and corn and wheat also rose amid concerns over hot, dry weather in the U.S. and Europe. Malaysian palm oil futures fell 0.3%, the first decline in four sessions, on higher supply data. Front-month crude oil futures are near unchanged after earlier trading more than $1.50 lower. U.S. stock index futures signal a firmer open, while the U.S. dollar index is down sharply and near a five-week low.
USDA reported a sale of 196,000 MT of soybeans for delivery to China during the 2022-23 marketing year. Today’s announcement follows two previous soybean sales to China earlier this month totaling 264,000 MT.