Corn and soybean futures both closed higher to end the week, while wheat finished mixed.
The advances in corn were attributed to short covering with the market now recovering almost all the losses sparked in aftermath a surprisingly bearish USDA supply-demand report released on Tuesday. Meanwhile, the annual Pro Farmer Crop Tour, which provides insights into potential corn and soybean production and gathers scout reporting from more than 2,000 fields across Illinois, Indiana, Iowa, Minnesota, Nebraska, Ohio and South Dakota, begins next week. September corn gained 8 ¾ cents to $3.83 ¾, and December was up 8 cents at $4.05 ¼.
Soybeans got a lift from good crush demand. NOPA’s crush report from this morning showed a record 195.7 million bu of soybeans crushed among members in July. That was a 7.01% increase from last year, above trade estimates, and the highest since January. September beans were up 14 ¾ cents to $10.22 ¼, and November was 14 cents higher at $10.42 ½.
Wheat ticked mainly higher ahead of much-anticipated summit between US President Donald Trump and Russian President Vladimir Putin, which is expected to see the two sides try to hammer out a ceasefire agreement amid the ongoing war in Ukraine. Both Russia and Ukraine are major global grain exporters. September Chicago gained 3 cents to $5.06 ½, and September kansas City added 2 ¾ cents to $5.07. September Hard Red Spring was up a penny at $5.19 ½, and September Minneapolis eased 2 cents to $5.70.
