Agriculture News
Corn futures posted contract highs overnight, with front-month May futures poking above $8.00 – the 2013 high on the continuation chart that was matched earlier this year. Wheat and soybean futures were also strong.
Winter wheat futures found strong followthrough buying in leading overnight gains in the grain and soy complex. December corn futures pushed to a contract high for a third straight session.
Both the HRW and SRW crops showed mild improvement over the past week.
Wheat and corn futures are being supported by supply concerns amid the ongoing war between Russia and Ukraine. Soybeans are under pressure to open the week amid pressure from weakening crude oil prices.
Short-term trend turns up for corn, down for crude oil.
Wheat and corn futures were supported by solid followthrough buying from last week’s gains in overnight trade, while soybeans weakened.
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USDA left U.S. old-crop corn ending stocks unchanged, whereas traders expected a cut. Global corn ending stocks also unexpectedly increased.
