Corn and wheat futures are firmer with soybeans off to a soft start to the week. Livestock futures are under hefty pressure.
Soybean futures extended last Friday’s price pressure overnight, while corn and wheat favored the upside amid two-sided trade.
Corn, soybean and winter wheat futures faced mild price pressure overnight as traders awaited USDA’s reports later this morning.
Cumulative old- and new-crop corn export sales totaled only 353,900 MT.
Corn and soybean futures pulled back overnight from strong gains earlier this week. Wheat also traded lower.
Corn basis firmed along with a rally in futures. Soybean basis declined as futures rallied.
USDA is expected to fine tune its U.S. and global old- and new-crop balance sheets in Friday’s Supply & Demand Report.
Soybean futures scored new contract highs amid strong followthrough buying overnight. Corn and wheat futures also firmed.
The World Bank slashed its global economic growth for 2022 to 2.9% from 5.7% last year as the war has compounded pandemic-induced damage.
The wheat market gave back a small portion of Monday’s strong gains overnight, while corn and soybeans traded mixed.

Brian Grete