Corn and soybeans firmed amid mild corrective buying during a lightly traded overnight session. Wheat traded mostly firmer.
Corn, soybean and wheat futures are continuing overnight losses. Cattle futures are mildly firmer with lean hogs off to a mixed start to the week...
Corn and soybean futures faced pressure overnight after weekend rains fell on some dry areas of South America, while wheat showed a mixed tone.
Corn and soybeans are weaker this morning after two-sided price action overnight, while wheat futures are mostly firmer.
Big weekly gains in cash grain and soybean prices.
The National Weather Service (NWS) 90-day forecast continues to call for increased chances of below-normal precip across most of HRW wheat areas during the January through March period.
As of Dec. 13, 78% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, seven points below the peak at the beginning of November.
Corn, soybean and wheat futures traded within narrow ranges in quiet, two-sided price action overnight.
Basis remains above average for both corn and soybeans.
Fed officials projected the federal funds rate will rise to 5.1% by the end of 2023, up from 4.6% projected in September.

Brian Grete