Researchers say future wheat breeding research should focus on not just wheat's drought- and frost-hardiness, but also its ability to withstand spring heat, considering its growing likelihood down the road.
One thing's certain after Tuesday's data: The big stocks numbers mean it's going to take something pretty major, crop weather-wise, in order for the grain bulls to get a breath of life soon.
The market's focus now likely turns to the weather, as analysts and traders said earlier in the day Tuesday it will likely take some kind of weather scare in order for any bullish tone to return.
There's going to be a lot of corn and wheat on hand in the U.S., but even though world events -- like protests in South America and economic malaise in FSU nations -- are sending mixed signals right now, those 2 pits aren't following a bearish post-WASDE-report soybean trade but maintaining healthy gains headed past noon on Tuesday.
New-crop soybean stocks figure the most bearish, analyst says.
Grain prices have surged higher after light-volume, lower trading in the overnight session in what traders say is shortcovering ahead of this morning's USDA WASDE and Crop Production reports due out at 11:00 a.m. CDT.
Grain prices continue to float just south of unchanged in late overnight-session trading and appear to be headed into Tuesday's open outcry session slightly lower as the trade awaits USDA's monthly World Agricultural Supply and Demand Estimates and Crop Production reports due out at 11:00 a.m. CDT.
In late overnight trading, the July corn futures contract is 2 cents lower at $3.58 1/2 per bushel, while the September contract is 1 3/4 lower at $3.63 3/4.
Three quarters of the U.S. corn crop is in the ground, coming at the high end of the previous trade estimate range and marking another week that saw farmers get at least 20% of the crop in the ground as of Sunday.
Corn, soybean, and wheat futures all closed slightly lower Monday ahead of USDA's release of its latest supply/demand and crop production data on Tuesday morning.