Agriculture News
Choppy to mostly lower price action is expected as traders start to prepare for USDA’s reports on Friday.
Relatively quiet two-sided price action was seen in the grain and soy markets during overnight trade.
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Corn is expected to open lower, with soybeans likely to trade mildly firmer and wheat mixed.
Net sales reductions of 210,500 MT of wheat were reported in week ended May 25, missing the expected range by over 100,000 MT. Weekly corn and soybean sales were near the low-end of their respective pre-report estimate.
Corn futures are extending losses early this morning, while beans and wheat are mixed.
Drought continues to spread from west to east across major U.S. corn and soybean areas.
Corn, soybean and wheat futures are expected to open sharply higher following strength overnight and on weather concerns.
Soybean futures led overnight price gains, though corn and wheat actively participated in the push to the upside.