Wheat futures led overnight price declines. Despite the heavy pressure, wheat and corn futures remained within their recent sideways trading ranges, while soybeans stayed within their choppy to higher range.
Corn, soybean and wheat futures held within Tuesday’s price ranges overnight in relatively quiet trade that has markets trading higher and near session highs this morning.
USDA’s Cattle on Feed Report Friday afternoon is expected to show March 1 inventories up 1.1% from year-ago levels, which if realized would top last year’s record for the date by 132,000 head.
Global supply concerns amid the ongoing war between Russia and Ukraine fueled active followthrough buying in grain and soy markets overnight, led by winter wheat.
