Soy futures are expected to open firmer on support from an Argentine grain inspector strike at ports. Corn and SRW wheat are also expected to trade higher, while HRW and HRS wheat futures will likely face light selling.
Soybeans are expected to open higher, with wheat likely to face pressure. Corn will be caught in the middle but could pull support from daily export sales to China.
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 were supported overnight by the bigger-than-expected decline in crop condition ratings, while corn and soybeans faced mild selling pressure.
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.
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.
Wheat and corn futures are expected to open higher after strength overnight despite negative outside markets. Soybeans are expected to trade lower after extending the sharp price drop overnight.
Soybeans’ attempt at a corrective rebound overnight proved futile and the market is under pressure this morning. Corn futures traded both sides of unchanged, while wheat firmed overnight.
This year’s negative PDO has been significantly negative for 21 straight months. At the same time, NOAA predicts a strong evolution toward El Niño late this spring and early summer.