Morning Calls & Comments (8/4)
Corn: 1 to 3 cents higher.
Soybeans: 13 to 15 cents higher.
Wheat: HRW and SRW 4 to 5 cents higher, spring wheat 9 to 12 cents higher.
Soybean futures firmed late in the overnight session amid corrective buying following three days of sharp declines. Corn and wheat also rose. Malaysian palm oil futures fell 1.2% on projections for higher inventories. Front-month crude oil futures edged slightly higher after earlier falling to a six-month low. U.S. stock index futures signal a firmer open, while the U.S. dollar index is down around 250 points this morning.
Crop moisture stress remains a “big concern” in the northwestern U.S. Corn Belt, but rain is expected to impact much of the region over the late weekend and early part of next week, World Weather Inc. said today. “Only partial relief is expected, but sufficient rain should occur to take the edge off of stress for a little while,” the forecaster said.