Agriculture News
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Volatility was reduced from recent days in grain and soy complex futures overnight, as corn, soybeans and wheat all traded within relatively tight ranges compared to recent standards.
Corn and soybeans ended firmer, while wheat plunged. Cattle futures faced sharp pressure and hogs finished mixed.
Grain and soy complex futures are called higher, with wheat trade likely to remain extremely volatile. Livestock futures are expected to face followthrough selling.
Corn, soybean export sales above expectations
Wheat futures gapped lower overnight after limit-down closes on Wednesday and sharply extended losses. But wheat filled the gaps and is trading higher this morning, as are corn and soybeans.
Wheat basis plunged over the past week amid the surge in futures.
USDA reflected no expected increase in U.S. wheat exports, despite the Russia/Ukraine conflict. U.S. corn exports were increased to reflect fewer anticipated shipments from Ukraine.