Grain Markets End Week on a Down Note
The wheat, soybean, and corn markets all experienced losses to end the week, according to recent market news. Soybeans were lower due to fund and technical selling, but favorable development weather in most of the region helped alleviate concerns about potential damage during July's hot and dry stretch.
A large portion of the Midwest and Plains can expect some rainfall into next week, which could impact kernel fill for corn. The market is also monitoring harvest activity in Argentina and Brazil, with the USDA set to update supply, demand, and production numbers on August 12th.
The wheat complex was lower due to profit taking and technical selling, with global demand remaining light due to high U.S. prices and ample world supply. The Black Sea region's ongoing issues have not led to an improvement in U.S. export demand, while production in the European Union has been hit by hot and dry weather.