Wheat futures finished 2-3 cents higher today, and corn and soybeans gave up yesterday's gains closing lower. Yesterday's US crop ratings showed soybeans up a % point to 68% good/excellent, this improvement surprised traders. Corn was seen at 67% down 1% from last week. Favorable crop ratings and cooling temps likely weighing on soybean and corn futures. US weekly export inspections were strong for corn at 47.77 million bushels, the last couple weeks have been strong and higher than the weekly average needed to reach the USDA's export projection. Soybean inspections were 9.6, lower than last week at 15.01 and lower than the 16.85 weekly avg needed to reach USDA's projection. Wheat tonnage was similar to last week 16.20 vs 16.68, with the weekly average of 16.16 million bushels needed to reach USDA's projection for wheat exports. |