Wheat futures failed to find followthrough selling overnight after a bearish outside day down on Monday, which triggered light corrective buying. Corn also mildly rebounded overnight, while soybeans paused.
USDA estimates there were 91.9 million head of cattle in the U.S. as of Jan. 1, down 1.9 million head (2.0%) from year-ago and 762,000 head less than the average pre-report estimate implied.
Soybeans and corn posted fresh contract highs overnight. Wheat futures open the week under light pressure. Livestock futures are higher this morning...
Soybean futures posted another round of contract highs overnight, with the front-month contract reaching the highest level since June 2021 on the continuation chart. Corn and wheat followed soybeans higher.
Soybean futures pulled back early in overnight trade but have rebounded to post new contract highs this morning. Overnight price action was light and choppy in corn and wheat.
The wheat market faced profit-taking and corrective selling overnight following strong gains the first two days this week. Corn was pulled slightly lower by wheat, while soybeans favored the upside in two-sided trade.
Wheat futures found followthrough buying overnight amid heightened tensions with Russia and deteriorating U.S. winter wheat conditions, while the corn and soybean markets favored the downside in light, two-sided trade.
