Agriculture News
Soybeans were pressured by profit-taking and corrective selling overnight, while the corn and wheat markets faced followthrough selling to Wednesday’s losses.
![“Asian exporters are paying premium shipping rates, sometimes 10 times what the rate is for going from the [United] States back to Asia, and this shipping rate disparity incentivizes sending back those empty containers,” Borror said.](https://assets.farmjournal.com/dims4/default/5c9a336/2147483647/strip/true/crop/800x600+20+0/resize/500x375!/format/webp/quality/90/?url=https%3A%2F%2Ffj-corp-pub.s3.us-east-2.amazonaws.com%2Fs3fs-public%2F2021-02%2FExport-ship-840.jpg)
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Old-crop soybean futures led price gains across the grain and soy complex and posted new contract highs overnight.
Dry/drought conditions in HRW get worse
Wheat, corn export sales above market expectations
Soybean futures pulled back early in overnight trade but have rebounded to post new contract highs this morning. Overnight price action was light and choppy in corn and wheat.
Corn basis firmed a penny over the past week as futures rose.
The wheat market faced profit-taking and corrective selling overnight following strong gains the first two days this week. Corn was pulled slightly lower by wheat, while soybeans favored the upside in two-sided trade.
Wheat futures found followthrough buying overnight amid heightened tensions with Russia and deteriorating U.S. winter wheat conditions, while the corn and soybean markets favored the downside in light, two-sided trade.
Individual state crop conditions ratings released on Monday showed further deterioration of the HRW wheat crop during January due to drought in the Plains.