Agriculture News
Corn and soybean futures are weaker this morning after two-sided trade earlier in the overnight session, while wheat futures are narrowly mixed.
Soy complex futures traded higher overnight, while wheat favored the upside and corn faded to a mixed tone this morning.
Basis firmed for both corn and soybeans even as cash prices rose.
Mixed, two-sided price action is likely in grain and soy futures to kick off the new month.
Soybeans modestly built on Tuesday’s gains overnight, while corn extended yesterday’s losses and wheat pulled back in overnight trade.
The beef cow herd was the smallest since 1962.
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.
Grain and soy complex futures traded lower overnight amid corrective selling and pressure from outside markets.
Individual state crop conditions ratings showed further deterioration of the HRW wheat crop during January.