Brian Grete

Grain and soy futures will face followthrough selling amid eroding technicals and no indication from export sales data that prices are ‘cheap enough.’
Early corrective buying dried up overnight and grain/soy futures are trading lower and on session lows this morning.
Basis for corn and soybeans dropped despite a sharp decline in futures over the past week.
Grain and soy futures are expected to have a varied tone at the start of daytime trade.
Corn and soybeans posted mild corrective gains overnight, while wheat traded on both sides of unchanged.
Data highlights supportive supply fundamentals for beef, struggles for pork
All food prices are now forecast to rise 6.5% in 2023 (range of 4.9% to 8.2%), down from an expected 7.5% increase last month.
Grain and soy futures are expected to favor the downside after failing to sustain corrective buying overnight.
Grain and soy markets worked higher on corrective buying earlier in the overnight session, but buyer interest is drying up this morning.
The HRW CCI rating remains historically low, while the SRW rating is above average.