Grain Markets See Mild Pullbacks Overnight, Near-Term Support Levels in Play

Grain futures prices experienced mild corrective pullbacks overnight in what could be a key near-term technical support level.

The grain markets saw mixed results, with December corn down 3/4 cent and November soybeans 5 1/2 cents lower. However, September SRW wheat was only down 1/4 cent, while September HRW wheat prices were 1 1/4 cents lower.

USDA reported that the percentage of the US corn crop rated good or excellent fell to 61%, down from 63% the previous week. The Pro Farmer Crop Condition Index (CCI) saw a 3.72-point decline, offset by steady to slightly higher condition ratings in the southeastern US.

The next couple of trading sessions will determine if Monday's losses and subsequent price rebounds put in near-term market bottoms. Key outside markets today see the U.S. dollar index slightly lower, with September Nymex WTI crude oil prices sharply down at $80.25 a barrel.