Soybean basis dropped sharply amid the surge in futures, but the average cash price still rose sharply.
Expectations for the future jumped, while current conditions were unchanged.
Corn and winter wheat futures are likely to open lower, with soybeans expected to favor the upside.
Forecasts call for multiple rain chances for the Plains and Midwest into mid-July, with central and southern areas expected to be the wettest.
Soybean and spring wheat CCI ratings continue to drop.
The soybean markets continues to react to last Friday’s bullish Acreage Report.
Soybean futures aggressively extended Friday’s price rally during overnight trade. Corn followed to the upside, while wheat traded mixed.
Grain and soy futures are expected to trade higher this morning on followthrough corrective buying after strength overnight.
The U.S. cattle herd was 0.1% bigger than year-ago as of June 1, whereas traders expected a 0.7% decline.
Corn, soybean and wheat futures firmed amid corrective buying during the overnight session as traders await USDA’s reports later this morning.

Brian Grete