Grain futures found modest support overnight, while in outside markets crude oil continued to slump, driven by an unexpected build in US inventories.
Weather forecasts show above normal temperatures for much of the Corn Belt in the 8-14 day outlook into the end of June. Rain expectations are for below normal precipitation in the Southern reaches of the growing region, but are near normal for a wide swath of the Midwest, and the Eastern Cornbelt shows above average chances of precipitation.
U.S. soybean processors likely boosted crush levels to the highest ever for the month of May due to stepped-up demand for U.S. soymeal stemming from problems with the South American crop, analysts said. Analysts were expecting the National Oilseed Processors Association (NOPA) to report that its members crushed 149.670 million bushels of soybeans in May, based on the average of estimates given by seven analysts.
On Tuesday, private forecaster API pegged US crude inventories to be up 1.5 million barrels from last week as traders had expected a 1.4 million barrel drop. Official EIA projections are due out at 9:30 am CDT this morning, and are expected to show a 2.2 million barrel drop.
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