Biden Makes Case

Pre-6 a.m. CDT prices, CME Globex: July corn is up 1 1/4 cents, July soybeans are up 12 cents and July KC wheat is up 1 1/4 cents. CME Globex Recap: Early Wednesday, Dow Jones futures are trading higher with support from higher stock markets in Europe and mostly favorable earnings reports.

After a steep early morning sell-off, the cotton market was able to reverse and then returned to slightly lower levels on the day. Seeing some overnight rain in the Lubbock area did spur some traders to sell into the market. However, given it wasn’t enough moisture to bend the drought, the ICE futures staged a late session rally. Still, to reiterate, prices finished lower on the session.

Corn futures continue to be the upside leader in the ongoing bull move. The forecast for the next 10 to 15 days appears to be warm to hot and barren of moisture in the key central Brazil safrinha corn areas, leading to sharply lower production estimates. Soybeans and soy oil are also rising on slim stocks and surging domestic and world demand. Spot soy oil futures reached the highest level since 2008.