07/29/26 Wetter Forecast Pressures Beans; China Buying Opportunity?

07/29/2026 Click Above to Watch the Morning Market Talk Video Wetter Forecast Pressures Beans; China Buying Opportunity? On the Grains After a firmer start, soybeans turned lower overnight and are posting double-digit losses early this morning. November soybeans have dropped below Tuesday’s lows and bears are now targeting the bottom of the July 20 gap at $12.04. Corn and wheat futures are drifting lower on spillover from soybeans. Near-term weather forecasts continue to call for above-normal temperatures to persist over at least the next two weeks, though oppressive heat isn’t expected. Traders’ greater weather focus is forecasts calling for multiple rainfall chances, including in the dry areas of the western and northern Corn Belt, during that timeframe to provide relief from recent crop stress. The European model continues to show more rainfall than the U.S. model, but even the American model signals relatively widespread rains through Aug. 5. China state stockpiler Sinograin will auction 503,694 MT of soybean reserves procurred from 2022 to 2025 to the domestic market on Friday. This is the first soybean auction of state reserves since Jan. 13. Key will be the volumem purchased and the average sales price. Regular weekly sales of around 500,000 MT…