Agriculture News
Grain and soy markets are expected to see followthrough buying from price gains overnight amid weather concerns.
Grain and soy futures opened the week with solid gains, led by sharp advances in soybeans.
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Corn, soybeans and wheat dropped at the end of the overnight session, prompting calls for a weaker start this morning.
Corn and soybeans posted two-sided trade in light overnight price action, while wheat faded.
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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.
USDA’s weekly export data for week ended Jan. 19 showed wheat sales up 6% from the previous week and 84% from the prior four-week average. Net soybean sales were up 53% from the four-week average, while corn was up 46%.
Soybeans and wheat built on Wednesday’s gains during the overnight session, while corn rebounded from yesterday’s modest declines.