Corn and soybean basis dropped over the past week but remains above futures.
Selling in the wheat market overnight pulled corn lower, while soybeans were supported by strength in soymeal.
Corn, soybean and wheat futures are mildly weaker this morning as a quietly traded overnight session winds down.
Soybean export inspections were lower than expected and down sharply from both week- and year-ago.
Corn, soybean and wheat futures opened weaker after pressure overnight. Livestock futures are lower as well.
Corn, soybean and wheat futures are trading near session lows this morning, led lower by spring wheat contracts.
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Wheat futures faced followthrough selling at points overnight but are firmer and trading near session highs in a modest corrective rebound this morning. Corn mildly eased, while soybeans held in their choppy range.
We expected a yawner from USDA this month and that’s exactly what it delivered, aside from wheat – and even that wasn’t a surprise.
Big jumps in weekly cash prices for corn and soybeans.

Brian Grete