Grain futures experienced a solid rebound in Tuesday's session following a rough start to the week, with December Corn, November Soybean, and December Chicago Wheat futures all closing higher. Market momentum shifted as traders digested the latest weekly crop progress report, which revealed significant declines in crop conditions. Corn ratings fell by 4% to 63% good-to-excellent, marking the largest weekly decline since June 2023. Soybean ratings also dropped 3%, the most significant July decline since 2020. Moving forward, the 8-to-14-day weather outlook indicates above-normal temperatures across the Grain Belt, though precipitation should remain near normal. Additionally, export demand showed signs of life with recent flash sales, including 197,272 metric tons of corn to unknown destinations today and soybean sales to China earlier in the week.
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