Corn has turned higher & sobyeans & wheat have extended overnight gains on Friday as talk of Russian export restrictions & dry weather in Argentina offer support.
Grains have rebounded on Wednesday as traders position for Thursday's USDA supply-demand revisions & react to reports that Russia will try to curb food inflation.
Grains have reversed Sunday night losses during Monday's regular trading session with the rebound accelerating after the 10 am release of USDA's Weekly Grain Inspections data. Brazilian weekend rainfall was a little lighter than expected, but its Argentina that currently faces the highest prospects for moisture deficits.
Corn & soybeans extended overnight railies, but wheat maintained losses in Thursday's regular trading session. Holiday-week grain export sales were mostly constructive, but soybean & soy product sales were on the light side.
Corn & wheat have reversed overnight losses, & soybeans pared their losses on Wednesday with South American weather & managed fund profit-taking still the major drivers.
Grains have given back overnight strength on Tuesday morning with wheat again the downside leader. Losses accelerated following the late-morning South Amreican weather update.
Grains reversed Sunday night gains to sharp losses on Monday as rain in Brazil and month-end profit-taking negatively impacted many markets.
Led by wheat, grains have reversed Tuesday gains & more on Wednesday in thin. pre-holiday trading.
Led by wheat, grain futures have erased Monday night losses as concerns about Southern US Plains dryness & lack of rain in South America are supporting prices.
Bouyed by continued dry weather in South America, grains have maintained Sunday night rallies on Monday with corn finding resistance near 2-week highs & soybeans holding below $12.00, but wheat moving back above $6.00.