Agriculture News
Corn, soybean and wheat futures gapped sharply higher at the start of overnight trade. While prices remain sharply higher, futures are trading low range this morning.
Access your newsletter here.
Corn and wheat futures built on Thursday’s strong corrective gains during overnight trade. Soybeans traded higher initially but failed to sustain the firmer tone.
Cash prices for corn, soybeans and wheat plunged over the past week.
USDA estimates the drought footprint at 29% for corn (up six points from last week), 22% for soybeans (up seven points), 19% for spring wheat (unchanged) and 68% for cotton (up seven points).
Corn, soybean and wheat futures traded sharply higher overnight as markets rebounded from recent hefty losses.
Corn and soybean basis remains well above average, though cash prices plunged.
Corn futures traded lower for much of the overnight session but are mildly firmer this morning, while soybeans and wheat are showing stronger corrective gains following Tuesday’s sharp losses.
The soybean CCI rating dropped below the five-year average for the first time this growing season.