Beans: 3 cents higher
Grains trading mixed this morning as there is a lack of fresh ag market news. The biggest piece of news right now is China reportedly approved the purchase of 2-3 million tonnes of U.S. soybeans yesterday. This is supporting the bean market as traders recognize this may be a step in the right direction for U.S. bean exports. It is beneficial for China to buy from the U.S. right now, given the value of soybeans from the U.S. Pacific Northwest. Unshipped bushels to China remain high heading towards the end of the marketing year, though.
We will continue to trade weather forecasts until we see the acreage update from USDA on August 12th. In the next few weeks, many firms will begin releasing estimates for that report.
Have a good day!