USDA WASDE Report Could Spark Grain Market Rally

The US grain markets have been quiet this week, but traders are eagerly awaiting next Wednesday's USDA WASDE report for fresh fundamental direction.

Corn futures ended nearly unchanged, while soybeans slipped modestly. However, winter wheat posted strong gains due to technical buying fueled by geopolitical tensions and higher energy prices.

The September corn contract settled at $4.39 per bushel, with December futures closing at $4.62. The USDA confirmed a sale of 11.3 million bushels of corn to Mexico, reinforcing international demand.

Analysts surveyed ahead of the August WASDE report expect the national average yield to be 182.4 bushels per acre, with projected production just below 16 billion bushels. Weather forecasts calling for additional rainfall across parts of the Corn Belt are influencing yield expectations.