Old-crop corn rallied on fresh export sales to China & improved ethanol output & lower ethanol stockpiles, but beans & wheat ended lower on rainfall in key production regions.
Grains rebounded from an early session sell-off with a rally into the noon hour. A big corn sale to China has spurred ideas more grain sales are possible.
Corn & soybeans recovered some of Wednesday's losses on Thursday, but wheat extended its post-report downturn as rain in the Plains & aggressive pricing for an Egyptian wheat tender weighed on that grain.
After USDA left US grain ending stocks unchanged, corn ended mixed, but beans & wheat rallied solidly following the release of monthly supply-demand revisions. Grains were pressured on Tuesday night as rain forecasts for the US & Argentina doused crop fears.
Corn & beans closed higher on MOnday, but well off their overnight highs. Wheat reversed overnight gains to end solidly lower as Northern Hemisphere weather trends discouraged bulls.
Grains are attempting to erase Monday's losses on Tuesday with wheat providing leadership.
For the second straight session, grains are fighting back from sharp overnight losses on Friday. Continuation charts are still higher for the week.
Grains rally on weather uncertainty to reverse Friday's options-related losses on Monday.
Weather & USDA Ag Forum forecasts dominated Thursday’s trading session with corn & soybeans retreating from overnight gains, but wheat rallying during the session.
Led by wheat, grains are retracing some of Tuesday's rallies on Wednesday as traders position for USDA's Ag Forum forecasts due on Thursday-Friday.