Cattle futures fell under persistent selling pressure today
Net sales reductions for old-crop corn and soybeans were rather disappointing today as traders and analysts alike are looking for old-crop exports to end the year strong.
This year’s crop has been hyped up to be record breaking — we will see how that holds up.
Soybeans are pulling corn and wheat higher.
Corn, soybeans and wheat each favored the downside in overnight trade, giving up a significant chunk of Monday’s gains.
Soybeans surged higher overnight, supported by Trump encouraging China to increases purchases of U.S. soybeans.
Corn, soybeans and wheat each saw an extension of recent strength early in the overnight session before testing technical resistance, which spurred selling pressure as bears continue to hold the near-term technical advantage.
Grains saw a solid rebound overnight that was bolstered by stronger than expected export sales this morning, which pulled soybeans higher as well.
Corn and wheat hit fresh contract lows overnight while soybeans saw relative strength.
Soybeans continue to lead strength as soymeal is leading a rebound.

Lane Akre