Soybeans posted solid gains amid corrective buying overnight, while corn and wheat futures pulled back from last Thursday’s gains.
Nearly every category topped the average pre-report estimates.
Corn, soybeans and wheat traded in narrow ranges during the overnight session ahead of USDA’s reports later this morning.
Corn, soybeans and wheat extended Tuesday’s losses during the overnight session.
Corn and soybean basis firmed a little as cash prices weakened.
Corn, soybeans and wheat faced mild price pressure during a relatively quiet overnight session.
State-level winter wheat condition ratings signaled more general improvement in the HRW crop over the past month, despite a minor downtick in top producer Kansas.
USDA says a small number of dairy herds in Texas and Kansas tested positive for a strain of highly pathogenic avian influenza (HPAI).
Frozen pork stocks declined contra-seasonally during February, while beef inventories fell more than average.
Corn and soybean futures swung to both sides of unchanged during the overnight session, while wheat favored the upside.

Brian Grete