The USDA just released its latest crop progress report.
Most of the grain crops look to be in pretty good shape, with the exception of soybeans, which are still behind schedule.
Wheat’s been slammed the past few days after a speculative run-up, so it appears this news was priced in. Not much movement from corn and soybeans.
It still looks like soybeans are the most intriguing play in the grains complex – with strong demand expected to continue from China, and a harvest running behind schedule.