Soybean futures posted corrective gains overnight, while wheat pulled back from Monday’s gains and corn held near unchanged.
The HRW CCI rating remains historically low, while the SRW crop is rated stronger than average for early spring.
Corn and soybeans are under pressure with wheat futures mixed. Cattle futures are lower although traders foresee higher cash trade again this week. Hog futures are mostly higher to start the week.
Wheat futures are expected to open firmer, with HRW contracts likely to lead gains amid weather concerns.
Wheat futures traded solidly higher coming out of the extended holiday weekend, while corn favored the downside and soybeans traded mixed.
Corn and soybeans are expected to open lower on followthrough selling from pressure overnight. Weekly soybean sales were disappointing.
Corn and soybeans faced modest followthrough selling overnight, while wheat futures favored the upside in corrective trade.
Grain and soy futures traded solidly lower overnight, which is expected to spill into daytime trade.
Wheat futures led losses as grain and soy futures extended this week’s declines overnight.
Basis for both corn and soybeans dropped over the past week but remained positive and above average.

Brian Grete