The CBOT once again opened higher with expectations for further reductions in crop condition ratings fueling buying activity. Deliveries against September CBOT futures were surprisingly light, which also added to the higher mentality. As the day wore on, however, profit taking developed as traders look to end the month with solid returns. Moreover, markets approaching overbought levels also encouraged profit taking. Breaks were largely supported, however, as end users have moved pricing ideas higher amid the current rally.  Stats Canada put the 2020/21 all-wheat crop at 35.74 MMT, slightly above expectations of 35 MMT and last year’s 32.3-MMT crop. The report will likely be slightly bearish wheat. The agency projected the 2020/2...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, North America, South America, China