Grain Futures Rise as Wheat Hits Two-Week High

Grain futures rose overnight, with wheat leading the way. December corn was up 4 cents at 6:00 a.m. CDT, while November soybeans were 4 3/4 cents higher. The September SRW wheat market hit a two-week high, increasing by 11 3/4 cents.

Chart-based grain traders are paying close attention to today's trading day, as closes near or at weekly highs could indicate extended price gains in the near term. The U.S. dollar index is lower, and September Nymex WTI crude oil prices are higher, around $82.25 a barrel.

Heavy rain and flooding continue to affect parts of the Midwest and eastern regions, prompting a moderate risk of excessive rainfall in southeastern Iowa and Illinois. A heatwave persists across the southeastern quadrant of the country, with heat advisories in effect for much of the southern Plains through the deep South and Southeast.