Agriculture News
Bulls controlled overnight trade in the grain and soy complex amid global supply concerns as Russia’s invasion of Ukraine is showing no signs of letting up or ending anytime soon.
Wheat basis rebounds from the plunge the previous week, corn and soybean beans weakens.
Wheat futures traded sharply lower overnight, which pulled the corn market lower. Soybeans, along with meal and soyoil traded higher.
Wheat futures traded higher but have come well off their overnight highs this morning, while corn and soybeans faced followthrough selling.
Corn, soybeans and wheat are weaker this morning and trading near session lows. Soyoil futures are under heavy pressure, but soymeal is firmer.
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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.