Grains traded higher yet again in the overnight session. Corn was up 10 cents, soybeans up 12, and wheat up 5.
In world news, China is scheduled to auction around 300,000 tonnes of soybeans from its temporary reserve on Friday, a move that analysts think may help ease tight domestic supplies of the oilseed. China has not revealed the size of its reserves but it is thought to hold about 5 million tonnes of soybeans in its temporary reserve, said Liang Yong, an analyst at Galaxy Futures.
Crude prices recovered more than a dollar a barrel from sharp losses that took place this Thursday. Brokers said the downtrend could be expected to resume given a worry over slowing economic growth along with record highs in stocks.
Exceptionally hot (10°F to 15°F above normal) and dry weather begins early next week in the Midwest US, continuing through the end of July; some indication that ridge pulls back towards the Rockies in early August, offering potentially cooler/wetter weather for the eastern Soybean Belt but uncertainty remains high.
A U.S. government weather forecaster said the La Nina weather phenomenon will likely develop during August through October of 2016. The climate prediction center, an agency of the national weather service said in its monthly forecast there is a 55% to 60% chance that the La Nina weather phenomenon will develop during the fall and winter of 2016/20/17
Wheat exports came in below expectations with old crop at 318,000 tonnes and new crop at 397,000 tonnes. Corn exports were above expectations with old crop netting 667,800 and new crop at 772,500. Soybeans exports were at the low end of expectations with old crop at 364,200 and new crop at 429,000.
Gold gained for the first time in five sessions, resulting from a recent rally for U.S. stocks that took a slight pause.
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