Soybean futures prices are more or less following their own path and ignoring the gyrations of the wheat markets as those futures fell victim to their own overbought condition. General Comments Grain and soy futures prices were somewhat higher as the overnight session opened, but they were soon in retreat. Traders who were expecting USDA’s crop condition rankings for corn as of 2 July to decline were surprised when the good/excellent rating actually increased 1 percent to 68 percent. The idea that the corn crop had not suffered any damage from heat and dryness, at least as of last Sunday, was enough to cause recent speculative buyers to try to bank whatever paper gains they had. The grossly overbought MGEX spring wheat market did not need...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Biofuels, Equities, Energy, North America