Grain and soy markets are expected to see followthrough buying from price gains overnight amid weather concerns.
Grain and soy futures opened the week with solid gains, led by sharp advances in soybeans.
Corn, soybeans and wheat dropped at the end of the overnight session, prompting calls for a weaker start this morning.
Corn and soybeans posted two-sided trade in light overnight price action, while wheat faded.
Corn, soybeans and wheat are expected to open with a firmer tone on followthrough from overnight gains, along with supportive weekly export sales data and strength in crude oil.
Soybeans and wheat built on Wednesday’s gains during the overnight session, while corn rebounded from yesterday’s modest declines.
Cash hog prices continued their extended seasonal decline.
Beef stocks rose more than average during December, while pork stocks increased versus the normal small drawdown in inventories during the month.
USDA’s food price outlook data and forecasting methodology were revised this month.
Soybeans are expected to open weaker, with wheat firmer and corn near unchanged.

Brian Grete