The soybean CCI rating dropped below the five-year average for the first time this growing season.
Corn, soybean and winter wheat futures faced mild price pressure overnight as traders awaited USDA’s reports later this morning.
Cash corn prices nearing $8; cash soybean prices closing in on $18.
Cumulative old- and new-crop corn export sales totaled only 353,900 MT.
Corn and soybean futures pulled back overnight from strong gains earlier this week. Wheat also traded lower.
Corn basis firmed along with a rally in futures. Soybean basis declined as futures rallied.
USDA is expected to fine tune its U.S. and global old- and new-crop balance sheets in Friday’s Supply & Demand Report.
Soybean futures scored new contract highs amid strong followthrough buying overnight. Corn and wheat futures also firmed.
The World Bank slashed its global economic growth for 2022 to 2.9% from 5.7% last year as the war has compounded pandemic-induced damage.
