Corn and soybean basis remained positive but slightly below average for this time of year.
The underlying data was bullish as the U.S. cattle herd contracted further — and will continue to do so.
Corn, soybeans and wheat pulled back from Tuesday’s strong corrective gains during overnight trade.
HRW crop ratings improvements over the past month were led by top producer Kansas and Nebraska.
Corn, soybeans and wheat extended Monday’s losses during the overnight session.
Corn, soybeans and wheat futures open the week under pressure. Cattle future are choppy with lean hogs mildly higher this morning...
Corn, soybeans and wheat faced increased selling pressure during overnight price action and are trading near session lows this morning.
Corn and soybeans faced followthrough selling overnight, while wheat retreated from recent gains.
That would still be the smallest annual increase in overall food prices since they rose 0.9% in 2017.
Corn, soybeans and wheat held in tight ranges in light overnight price action.

Brian Grete