Data was mostly neutral and shouldn’t have a direct impact on trade Friday.
Grain and soy futures are expected to open with a firmer tone this morning on support from HRW crop concerns and bullish corn export demand news as there was another daily corn sale to China.
Price action was light and two-sided overnight, but a mostly firmer tone has developed this morning.
Most cash wheat prices post a big rebound.
Corn and soybean basis firmed despite strong rises in cash prices.
FAPRI’s baseline projections are based on data as of January.
Wheat futures will lead the ongoing price recovery in the grain and soy markets as Cargill says it will cease Russian grain shipments starting July 1.
Wheat futures extended their recent corrective gains overnight. Corn followed to the upside while soybeans pivoted around unchanged.
HRW wheat conditions are still below when the crop entered dormancy and historically low.
Soybeans and wheat extended Monday’s gains overnight. Corn modestly pulled back but there was another daily old-crop corn export sale that could provide support during daytime trade.

Brian Grete