Soybeans faced light profit-taking pressure at the end of the overnight session, which is likely to spill over into the start of daytime trade.
Corn, soybean and wheat futures extended Thursday’s USDA report-driven gains overnight but buyer interest is fading this morning.
USDA estimated 59% of U.S. winter wheat areas were covered by drought, down five points from the previous week and 10 points lower than last year at this time.
Soybeans and corn are expected to be supported by Argentine crop concerns and outside markets.
Grain and soybean futures firmed overnight amid followthrough buying as traders awaited USDA’s January crop reports later this morning.
Soybean basis declined but remained above futures and the cash price firmed over the past week.
Soybeans are expected to lead price gains in the grain and soy markets this morning after a strong performance overnight.
Corn and soybeans firmed after initially trading lower overnight, while wheat futures favored the downside in two-sided price action.
USDA will release its Annual Production Summary, Supply & Demand Report, Winter Wheat Seedings and Quarterly Grain Stocks Report on Thursday.
Bears tightened their grip on the grain and soy markets overnight after a disappointing finish on Monday. Lower price action is expected this morning.

Brian Grete