Grain markets experienced downward pressure today, closely following declines in crude oil. Soybean futures broke lower, driven by an 8% week-over-week drop in export sales despite maintaining a 24% long-term average. Increased export competition from Brazil to China added further pressure, dragging July soybeans to an 1117'4 settlement. In the options market, November contracts saw notable interest with 4,500 calls added at the $12 strike. Corn futures also registered a sixth consecutive negative session, shedding 65'4 in three weeks due to lower sales and weekend rain forecasts, pushing July corn down to 416'2. Meanwhile, Wheat futures experienced mixed activity; heavy rainfall in China downgraded their crop quality from food to feed, which may provide support for U.S. wheat. July wheat traded within a 9-cent range, while September wheat peaked at 599'6 before easing off. Market participants are now looking ahead to next Thursday's upcoming USDA report.
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