Beneficial Rains Across the Midwest

Grains were off in overnight trade with soybeans again losing double digits.

大豆是连跌第二日周五neficial rain in the U.S. Midwest buoyed expectations of a record U.S. crop this fall. Recent rain in key U.S. growing areas has helped ease concerns about dryness in the Eastern Corn-belt.

Grain millers in Bangladesh are boosting their wheat purchases from Russia and Ukraine as cargoes from key exporter India fade due to a supply squeeze in that country. Bangladesh has booked about 800,000 tonnes of wheat from the Black Sea region for shipment between mid-July and October, up from around 550,000-600,000 tonnes in the same period last year, two trade sources said.

Germany’s Farmers' Association (DBV) said on Friday that the German 2016 winter wheat crop fell 13% on the year to 22.9 MMT. France also is suffering crop losses this year with forecasts there off 17%.

USDA’s Cattle on Feed Report will be released today at 2 pm CDT. Analysts expect cattle on feed as of Aug 1 at 101.4%, placements in July at 100.5% and marketings in July at 99.7%.

Crude oil prices were lower on Friday after gaining a $1.50 a barrel on Thursday to an eight-week high, capping a rally driven by speculation producers could agree to measures to support crude. Nigeria’s oil minister said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices.However, analysts and traders warned the rally was overblown, especially since planned talks between the OPEC and other major producers like Russia to rein in on ballooning overproduction were unlikely to lead to a reduced supply overhang.

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—Kevin McNew