Grains are mostly higher in overnight trading:

Corn – ½ cent/bu (Sept @ 3.27 ½ )

Soybeans + ¼ cent/bu (Aug @ 9.06 ½  )

Chi Wheat + 5 ½ cents/bu (Sept @ 5.35 )

Cdn $ -0.00195 (74.50 cents)

WTI Crude Oil +0.15/barrel (41.22)

Corn and soybean futures had a 2 sided overnight session, while wheat futures enjoyed a higher trading range from the opening overnight bell.  Optimism over Chinese grain purchases from the USA continues to underpin values, as the Chinese have been credited with American soybeans in each of the past 8 business days.  Crop friendly weather in the USA Midwest, and continued diplomatic tensions between Washington and Beijing are factors that hang over grain markets.

Wheat futures caught some strength overnight, as the Buenos Aries Grain Exchange indicated that recent dry weather is negatively impacting both wheat seeded acreage potential and the development of wheat that is already in the ground.  Also supportive was news yesterday that the International Grains Council cut it’s global wheat production forecast by 6 million tonnes to 762 million tonnes overall.  The cuts came from lower outlooks in the EU and in Russia.

There appear to be no USDA flash sale announcements this morning, which will likely lead to choppy trade once the markets re-open @ 9:30 am EDT.

With what looks to be decent harvest weather this weekend for the remainder of the local soft winter wheat crop, this recent rally in wheat prices is giving growers an excellent hedging opportunity that should not be missed!