Grains, Soy Recover From Recent Selling Pressure

Corn futures are seeing corrective strength after last week's technical selling, according to Pro Farmer's Market Snapshot. As of midmorning on August 3, corn futures are a nickel to 6 cents higher. The USDA reported weekly corn inspections totaled 1.885 MMT during the week ended July 30, up 351,421 MT from the previous week.

A heat wave is sweeping through China's north and east agricultural regions, putting corn, rice, and cotton fields at risk of crop damage. September corn futures are trading within the 10- and 40-day moving averages, with greater resistance at the 200- and 10-day moving averages.

Soybeans are modestly firmer in corrective trade, supported by additional export demand from China and gains in soyoil. The USDA reported weekly soybean inspections totaled 343,941 MT during the week ended July 30, down 21,779 MT from the previous week.