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US grain futures bulls work to stabilize prices at mid-week

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US grain futures prices are trading mixed in late-session dealings Wednesday. Corn prices are around 1 1/2 cents higher, soybeans down around 4 cents and wheat is steady to 2 cents up.

 

Prices had dropped sharply on Tuesday, including corn and hard red winter wheat futures hitting contract lows.

 

Bearish for US corn and soybeans are rising yield prospects amid high US crop condition ratings and no serious weather threats in early August, as the end of the growing season for both crops is just weeks away.

 

USDA’s daily export sales reporting program announced Wednesday private US exporters sold 192,000 metric tons of soybeans to China for new-crop delivery. The sales provided no support as more sales are needed to offset the rising US crop outlook. No new large US exporter sales of corn were announced this morning by USDA.

 

The US and China will hold a six-month assessment of the progress of the Phase 1 deal in mid-August. Traders are debating whether China will increase purchases ahead of that meeting with the recent futures price break.

 

No pictures in Chinese granaries

 

A recent ban on photo-taking devices inside Chinese state granaries has raised speculation that China may be suffering a grain shortfall, the South China Morning Post reported this week.

 

The US winter wheat markets are seeing limited buying interest at mid-week on rising world crop production notions and worries the expanding Covid-19 outbreaks may curb global imports from buyers that rely on tourism for earnings.

 

US traders were waiting for results from Egypt’s General Authority for Supply Commodities (GASC) tender to buy an unspecified amount of wheat from global suppliers for shipment in September. US prices are not competitive versus Russian and Ukraine offers.

 

Traders are looking for a higher US spring wheat crop forecasts from USDA in its supply and demand report due on August 12, after USDA this week raised the amount of the crop rated good to excellent by 3%, to 73%.

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