Grains mixed; corn recovers
Trading was light and mixed overnight as corn futures bounced back a bit from the bearish rampage on Tuesday as bargain-hunting buyers capitalized on the three-year closing low.
December corn is just in the black, at 3/4 cent higher ($4.48 per bushel), while nearby soybeans and wheat remain in the red, 7 1/2 lower at $12.20 1/4 and 1 cent lower at $6.40 1/2, respectively.
A more rosy outlook for crop conditions in the Corn Belt was one of the factors behind Tuesday's price slash. That may change soon, though, says Kluis Commodities analyst and broker Al Kluis.
"I think that corn crop conditions will move lower next week, unless widespread rain hits in Iowa this week," he says.
Also in play Wednesday is a report from the National Oilseed Processors Association (NOPA) today that will show domestic soybean crush numbers. Kluis says the trade expects the July crush figure to come in around 125 million bushels.