Grain markets traded lower overnight, with soybeans experiencing the biggest losses following earlier gains due to increased U.S. export demand.
Managed funds reduced net short positions: corn by 7k to 265k and soybeans by 4k to 180k.
Ghana plans to ban exports of corn, rice, and soybeans due to dry conditions affecting crops.
U.S. imports of Chinese used cooking oil are expected to hit new records, driven by demand from renewable diesel producers. Germany's wheat crop is expected to decrease by 12.7% due to heavy rain during harvest, and the USDA approved a GMO wheat variety from Argentina for growth in the U.S.
Brazil’s soybean area growth is forecasted to slow, with a planted area of 47 million hectares. China proposed restrictions on barley and sorghum imports to boost local prices.
Corn, beans, and wheat are all in a downtrend. Corn shows signs of a potential bounce within the down-channel, while soybeans face resistance near the 20-day moving average. Wheat showed a bullish reversal but remains in a downtrend with room to correct from oversold conditions.
Scattered showers occurred in the corn belt; rain is expected in some regions over the next week, with a major cool-down predicted. Hot weather and limited rain are likely to temper yield estimates.
Corn has limited downside risk; soybeans remain bearish, and wheat may see price support due to tightening global supplies.
Corn down 2-3
Beans down 10-12