US crop futures were lower on Wednesday, weighed down by favourable weather across key US growing regions. If the markets are nervous about what the USDA will say in the crop report due out on August 12th, there was no sign of it today.
Beneficial rain is expected across most of the Corn Belt this week. The abundant moisture, coupled with cooler temperatures forecasted in major corn-growing states, sets the stage for potentially record yields. September corn ended down 5 1/2 cents at $3.83 1/4, and December lost 4 1/2 cents at $4.00 3/4.
Midwest soybeans are enjoying strong production prospects. Recent purchases by China, while notable, were insufficient to lift prices today. September beans were 8 3/4 cents lower at $10.06 and November dropped 8 cents to $10.18 3/4.
Wheat futures dropped as sporadic showers in key international regions such as the eastern EU and Russia reduced production concerns, extending the formation of seasonal lows by US futures. September Chicago wheat fell 5 cents to $5.38 1/4, September Kansas City was 6 cents lower at $5.55 1/2, and September Minneapolis closed down 6 3/4 cents at $5.92 1/4.
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