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FOMC | Panama Canal | Aid for Israel, Ukraine | EVs | Russia boosts oil exports
Soybeans showed relative strength overnight, though went into the break well off session highs. Corn and wheat both showed corrective gains early but have since fallen near session lows.
Weekly wheat sales, short of pre-report estimates, were down 24% from the previous week, while corn and soybeans were down 45% and 27%, respectively.
Soybeans traded sharply higher overnight, while corn and most wheat contracts posted milder gains.
Soybean basis weakened on the rollover to the January contract but the cash price firmed.
Fed Chair Jerome Powell left the door open for more rate hikes if needed, but noted ‘risk are now more two-side.’