Grain and soy futures faced pressure from weak outside markets overnight.
All three categories matched or were close to the average pre-report estimates.
Corn, soybean and wheat futures retreated from Thursday’s gains overnight amid renewed hopes for a Ukrainian grain export extension and pressure from outside markets.
The Seasonal Drought Outlook indicates drought will persist or develop across most areas of the Plains, Delta and Southeast, though there could be some improvement in the Ohio River Valley.
There were “targeted improvements in the Southern Plains,” though none of that came in the major HRW wheat production states.
Supportive outside markets helped fuel a corrective rebound in grain and soy futures overnight.
Basis improves for both corn and soybeans despite Mississippi River shipping issues.
Specifically relating to agriculture, the Fed noted “reports were mixed, as drought conditions and high input costs remained a challenge.”
Soybean futures extended Tuesday’s losses overnight, while corn traded lower for a fourth straight day. Wheat futures rebounded from Tuesday’s losses.
Corn, soybean and wheat futures faced solid selling pressure overnight and are near their session lows this morning.

Brian Grete