Grains continued their recent upsurge on Thursday, driven by continued strong export sales, late season dry weather in the US & Ukraine & potential wet-weather losses in northeastern China.
Grains are under profit-taking pressure on Tuesday despite declining weekly crop conditions.
Corn is mixed & beans & wheat are modestly higher as traders continue to expect smaller production than USDA forecast in Friday's reports.
Traders took back some of the recent corn & wheat rally, but extended this week's soybean gains on Thursday. Export news was supportive, but weakness in US equity markets were a drag on sentiment.
Grains saw some selling pressure overnight after fading from Monday's highs, Crop ratings declined, but not enough to push prices higher.
Grain prices have surged higher on Tuesday as trading funds react to this week's sharp decline in corn ratings & to reports that the Phase One US-China trade deal is on track.
Grain futures are mixed on Friday morning, supported by expectations this week's crop tour is a preview for USDA to reduce its corn & soybean yield forecasts in September. Weaker energy futures, forecasts for rain in dry areas of the norhtern & western Corn Belt & a rally in the US dollar are keeping gains in check.
Corn is lower on crop tour findings, but beans are holding slim gains as dry weather offsets crop tour pod count results. Wheat trendsremains choppy with traders sensing there is value near$5.00.
Grains are lower in "Takeback Tuesday" price action with wheat the downside leader.
Grans have rallied sharply on Monday, following thru on last week's bullish chart action as dry weather compounds last week's wind damage to reduce Corn Belt yield prospects.