Soybeans Retreat in the Overnight

谷物混合关闭the overnight with corn and soybeans trading lower and the wheats up a little more than a penny.

In overnight news, Romania is on track for another record year of wheat production 8.28 million tonnes. This is 4.5 percent higher than a record set just last year.

U.S. soybeans fell on Wednesday, retreating from Tuesday's one-week high on expectations the USDA will estimate U.S. farmers have increased soybean sowings for this year's crop. Corn was supported by the view that U.S. farmers may have reduced corn sowings to switch into soybeans and by concern that expected hot weather could stress U.S. crops. Wheat recovered on buying interest after recent weakness.

Mexico is primed to overtake Japan as the single largest U.S. corn importer, knocking Tokyo from the perch it has occupied since the mid-1980s and taking the top spot for the first time ever. Despite a three-month buying flurry, Japan remains on pace to buy its second-smallest U.S. corn volume since at least 1999.

The 6-10 day weather outlook continues to trend warmer. However, there are chances that there will be a wetter holiday weekend with scattered rains in spots throughout Kansas, Missouri, and southern Illinois. The 16 to 30 day rains are forecast to favor the northwest Midwest, with the northeast 1/3 of the corn belt at most risk for heat/moisture stress to pollinating corn in late July.

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—Kevin McNew