Soybeans Lead the Overnight Gains

Grains were higher overnight led by soybeans which posted nearly double-digit gains in the night session. In outside markets, crude was trying to push back to the $40 a barrel mark, and the US dollar was slightly higher as well.

This morning USDA released a new round of flash export sales. There was a 290,000 MT deal for new-crop corn and two soybean deals totaling 697,000 MT with 66,000 MT of that total for old-crop and the remainder to be exported in new-crop.

Brazil's government is working to adjust its regulations regarding imports of genetically-modified organisms (GMO) in order to allow entry of more transgenic varieties from the United States, the Agriculture Ministry said on Tuesday. The imported GMO corn would restricted to use in animal feed, the ministry said.

Persistent rain in recent days and weeks is delaying Germany's harvest, especially of wheat and rapeseed, creating uncertainty about the crop outcome, the Association of German Farmers said on Wednesday. Wheat harvesting started in mid-July in early areas but rain means work is far from complete. It is possible that German winter wheat yields will be about 10 to 20 percent below last year, it said.

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—Kevin McNew