Wheat Complex Sees Gains as Traders Eye Spring Wheat Harvests
The wheat complex was higher on Friday due to short covering and technical buying. The nearby months were able to avoid a weekly decline.
However, traders are watching the spring wheat harvest and weather ahead of winter wheat planting as that harvest wraps up. The USDA's weekly crop progress and condition report is out on August 10th at 4 Eastern/3 Central time.
China's General Administration of Customs reported July soybean imports were 11.48 million tons, down 1.6% from last year. Brazil continues to be an aggressive exporter of soybeans, shipping a record 13.401 million tons in July, with cumulative exports for the current marketing year 12.5% higher than this time last year.
The Buenos Aires Grain Exchange says 73.7% of Argentina's corn crop is harvested. France's AgriMer estimates France's corn crop at 9 million tons, a drop of 35% on the year due to weather, and potentially the smallest crop since 1980. Mexico purchased 286,097 tons of U.S. corn.