Corn and wheat futures traded solidly higher overnight, while soybeans favored the upside in two-sided trade.
Wheat futures were supported overnight by Black Sea supply concerns as Russia was set to annex four regions of Ukraine. Corn and soybeans followed wheat higher.
Sharp fluctuations in some of the world’s major currencies are injecting new uncertainty into the global economic outlook.
Despite rains on parts of the Plains, the drought footprint expanded across HRW wheat regions and now covers 64% of U.S. winter wheat area.
Overnight trade was light and two-sided, though buyer interest is building with grain and soy markets trading near session highs this morning.
The national average corn basis turned negative for the first time since mid-April.
Wheat futures firmed overnight, while soybeans faced mild selling pressure and corn was caught in the middle.
Corrective buying was seen in the grain and soy complex overnight as the U.S. dollar pulled back and crude oil firmed.
CCI ratings have dropped 11 consecutive weeks for corn and eight straight for soybeans.
Outside markets and global economic concerns weighed on grain and soy markets overnight.

Brian Grete