It's the first day of the month, and wheat continued its end of the month declines while soybeans found stability on crop ratings that will need marked improvement in the coming weeks to justify the substantial price decline.

Weather models flipped from late last week into the weekend projecting normal rains and temperatures for August, which is advantageous for crop that is still rated low.

Intraday, corn, and wheat traded higher in the day as bombs were thrown into the Russian wheat production area by Ukraine but missed key infrastructure. The market softened, thinking that everything is fine, but the weekend could bring new surprises.

Wheat futures are struggling with further news after yesterday's EU announcement which may be difficult to move large quantities of grain, but today Pres. Putin said he will be giving grain to seven African nations to avoid starvation.

In today's story, the EU is offering up $1.5 billion to help fix their infrastructure which may take quite some time, but also try to help them get passage to the Baltics. The kink in the gears here could be as Putin decides to blow up roads and railroads in Ukraine.

It was inevitable after sharp gains on Monday with no follow-through in the evening session that something would occur, retreating from some spectacular gains that have been experienced in the last 10 calendar days.

Weather models holding out hope for some rain and cooler weather after August 1 along with Argentina trying to prompt farmers to part with their corn put pressure on the grains today.

India is the largest exporter of rice in the world, constituting 42% of the world's trade. Their crop troubles in banning rice means other countries will have to look for race elsewhere or replace it with wheat.

Along with the weather creating the rally in grain prices, Russia stepped into the news again, and we explain.

The safe grain corridor is closed, and bombing on the Crimean bridge did not help matters. Yet prices went from sharply higher overnight to lower.