Grain and soy futures traded lower overnight, with late pressure from a surge in the U.S. dollar after the much stronger-than-expected January jobs data. We expect the weaker tone to continue early this morning.
Corn, soybeans and wheat are expected to open higher. Weekly sales were strong for corn, at the lower end of expectations for soybeans and poor for wheat.
We expect followthrough selling from overnight trade to be seen in the grain and soy markets this morning. Key will be whether funds actively liquidate long positions or view the pullback as a fresh buying opportunity.
Corn, soybeans and wheat are expected to open with a firmer tone on followthrough from overnight gains, along with supportive weekly export sales data and strength in crude oil.
Grain and soybean futures are expected to open with a mostly weaker tone this morning, though supportive export demand data could trigger buyer interest.
Grain and soy futures are expected to open firmer on corrective buying, though it has been a struggle to find sustained buying during daytime trade on bounce attempts this week.
Grains are expected to open mixed following the extended holiday weekend as traders sort out South American weather, outside markets and China's surging Covid cases.