Ahead of the Open
Corn bulls have shown impressive resilience the past couple of days in the wake of Tuesday’s USDA Crop Production Report.
Net sales reductions for old-crop corn and soybeans were rather disappointing today as traders and analysts alike are looking for old-crop exports to end the year strong.
Soybeans are pulling corn and wheat higher.
Corn, soybeans and wheat each favored the downside in overnight trade, giving up a significant chunk of Monday’s gains.
Soybeans surged higher overnight, supported by Trump encouraging China to increases purchases of U.S. soybeans.
Corn, soybeans and wheat each saw an extension of recent strength early in the overnight session before testing technical resistance, which spurred selling pressure as bears continue to hold the near-term technical advantage.
Grains saw a solid rebound overnight that was bolstered by stronger than expected export sales this morning, which pulled soybeans higher as well.
Corn and wheat hit fresh contract lows overnight while soybeans saw relative strength.
Soybeans continue to lead strength as soymeal is leading a rebound.
Wheat led a late session rebound and was trading on session highs going into the break.