Agriculture News
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.
Corn and wheat futures (aside from HRW) extended Wednesday’s losses overnight, while soybeans pulled back from recent gains.
The corn, soybean and winter wheat markets built on Tuesday’s strong gains overnight, while spring wheat firmed after small losses yesterday.
Corn and wheat futures posted strong gains on corrective buying overnight, while soybeans sharply extended Monday’s gains.
The corn CCI rating is now below the five-year average for the first time this year. The soybean and spring wheat ratings remain above average.
Corn futures traded lower throughout the overnight session, while soybeans and wheat rebounded from initial losses.
Recessionary fears are building, which triggered heavy long liquidation in commodities last week.
USDA’s Cold Storage Report signaled demand is not keeping pace with supplies amid near-record retail prices.
Mounting recessionary concerns triggered heavy liquidation pressure in the grain and soy markets overnight.