Agriculture News
Wheat futures posted strong gains overnight after a major dam in Ukraine was destroyed. Corn and soybeans traded solidly higher on lower-than-expected crop condition ratings.
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.
Corn and soybean basis remains well above average.
Grain and soy futures are expected to face heavy pressure after active followthrough selling during overnight trade.
Corn, soybeans and wheat actively extended Tuesday’s losses during overnight trade.
The initial CCI ratings came one week earlier than last year.