Wheat futures faced followthrough selling at points overnight but are firmer and trading near session highs in a modest corrective rebound this morning. Corn mildly eased, while soybeans held in their choppy range.
We expected a yawner from USDA this month and that’s exactly what it delivered, aside from wheat – and even that wasn’t a surprise.
Big jumps in weekly cash prices for corn and soybeans.
All three were within the range of pre-report expectations but up sharply from the previous week.
Two-sided trade was seen in the grain and soy markets overnight, but futures are weaker and near session lows this morning.
Basis for corn and soybeans slipped over the past week but remains positive to futures.
Soybean and soyoil futures faced active followthrough selling overnight, which pulled the rest of the grain and soy markets lower.
With no updates to the corn and soybean crop estimates this month, focus will be on changes to demand projections for 2021-22.