Corn and soybeans were supported by corrective buying overnight, while wheat faced followthrough selling.
On the surface, the report data is neutral. But the underlying numbers are bullish.
Corn, soybeans and wheat are called higher on corrective buying after recent heavy selling pressure.
Corn, soybean and wheat futures traded mildly higher on corrective buying during overnight trade.
Above-normal precip is expected over the eastern two-thirds of the Corn Belt during the June through August period. There are ‘equal chances’ for temps over the Corn Belt during the period.
Grain and soy markets are expected to open sharply lower amid followthrough selling.
Wheat futures posted sharp losses overnight amid followthrough selling, while corn and soybeans faced lesser selling pressure.
Cash prices for corn and soybeans dropped sharply over the past week.
Corn, soybeans and SRW wheat will face followthrough selling, while HRW and spring wheat may be mildly supported by crop concerns.
Corn, soybeans and SRW wheat faced followthrough selling overnight, while HRW and spring wheat firmed.

Brian Grete