Rain Chances Dampen Summer Rally in Corn and Soybean Prices

The summer rally in corn and soybean prices may have come to an end as rain chances increased across the Corn Belt, weighing on prices. Corn producers are advised to sell 20% of old-crop stocks, while those with new-crop sales should advance them now that prices have broken below the prior low.

Bunge Global boosted its full-year adjusted profit forecast after topping Wall Street estimates for second-quarter earnings, lifted by robust processing margins and strong demand. However, shares fell more than 8% despite the positive news.

Meanwhile, Russian officials proposed arming grain ships with machine guns and mobile missile launchers to counter Ukrainian drone attacks, which have threatened Russia's grain trade and pushed wheat prices to a two-year high.