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“The short-term direction of soybean prices will be dictated by the results of the USDA report today, and the changes to the weather forecasts,” The Hightower Report said this morning.

Soybeans are higher overnight, recovering some of yesterday’s losses as weather forecasts still show hot and dry conditions over the next 10 days for much of the western Corn Belt, Bryant Sanderson of CHS Hedging said.

In cash markets, basis bids for soybeans shipped by barge to the U.S. Gulf Coast slipped yesterday as demand from exporters continued to ebb, traders said, according to Total Farm Marketing today.

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