Corn

Closing Higher: Corn finished the day with a small gain, up 1¼¢, despite an overall market that was somewhat lackluster. This slight increase might be attributed to value buying as traders looked for bargains after recent lows and possibly in anticipation of the WASDE report, which could offer new insights into corn supply and demand.

Support from Export Sales: Corn saw support from export sales, with USDA reporting sales to unknown destinations. This could signal continued demand, even if the specifics of the buyers remain undisclosed, which might be keeping the corn market from further declines.

Technical Analysis: Analysts noted that corn is looking like it has established a bottom, suggesting that the current price levels might be seen as a buying opportunity. However, the upside is limited by favorable South American weather forecasts, which tend to depress prices by improving crop outlooks.

Market Sentiment: The market sentiment for corn was cautiously optimistic, with traders possibly covering shorts or engaging in technical buying. This was reflected in the day's trading where corn managed to stay in the green despite broader market uncertainties.

Impact of Cash Market: Higher cash cattle prices might have indirectly supported corn prices as the livestock sector's demand for feed could bolster corn markets, even though direct correlation isn't always immediate.

Soybean

Declining Prices: Soybeans closed lower by 4¢, influenced by the shadow of record South American crops, which could flood the market with supply. Additionally, trade war concerns with key markets like China continue to weigh on prices.

Export Sales Data: Despite the price drop, soybean export sales were relatively strong, with notable sales to China reported. This indicates that while market prices are under pressure, demand from significant importers remains, providing some counterbalance.

Weekly Grain Movement: Soybeans led the charge in weekly grain movement, highlighting robust export activity, which might not immediately reflect in market prices but shows underlying demand strength.

Market Reaction to SA Crop Estimates: The market reacted to the latest South American crop estimates, which were higher than anticipated, putting downward pressure on soybean prices. This region's production often dictates global supply dynamics.

Speculative Positions: The reduction in bullish bets by speculative investors could be a signal of caution or profit-taking, contributing to the day's bearish sentiment in soybeans.

Wheat

Closing in the Green: Wheat ended the day up by 4½¢ for CBOT, showcasing some strength possibly due to strong U.S. wheat export figures, which were up significantly from last year.

Demand Signals: The rise in wheat prices might be supported by signs of strong demand for U.S. agricultural products, evidenced by a 33% increase in export volumes from the start of the marketing year compared to the previous year.

Weather Concerns in Australia: Concerns about excessive rain affecting the Australian wheat harvest might be bolstering wheat prices, as any impact on global supply can shift market dynamics.

Value Buying: Similar to corn, wheat might have seen some value buying, with traders jumping in to take advantage of perceived low prices, especially with the upcoming WASDE report potentially offering bullish news.

Anticipation of WASDE: The market was likely influenced by anticipation ahead of the WASDE numbers, where traders might position themselves based on expectations of changes in supply and demand forecasts for wheat.

Extended Commentary

Grain markets displayed mixed results, with corn and wheat closing higher while soybeans faced downward pressure. Corn posted modest gains, supported by value buying, strong export sales, and signs of a technical bottom, although favorable South American weather capped further upside. Soybeans declined as record South American crop estimates and ongoing trade tensions with China weighed on prices despite robust export demand, particularly to China, which provided some offset. Wheat rallied on strong U.S. export data and weather concerns in Australia that could impact global supply, though competition from Black Sea exports and a strong U.S. dollar limited further advances. Traders remained focused on the upcoming WASDE report, which is expected to influence market direction.