Ahead of the Open
Grains saw followthrough buying from Tuesday’s lows overnight and went into the break higher, though recent volatility is likely to continue after the open.
Trading occurred both sides of unchanged overnight, but profit-taking was seen into the break as corn, beans and wheat are each lower.
Buying was seen across the grain markets overnight, follow-through buying after the break will be key in determining if buying is just a corrective bounce or if an interim low could be in place.
Soybeans showed relative strength overnight and carried corn futures higher into the break. Wheat futures continue to fall under pressure.
Soybeans continue to show relative strength with steady gains overnight, and corn futures saw strength into the break as well. Wheat futures traded higher overnight but still maintain a tight trading range.
Grains fell under pressure into the break but soybeans continue to show relative strength.
Corn and wheat saw relatively quiet action overnight with corn going into the break at session highs. Soybean futures saw relative weakness, though saw some strength into the break.
Grain volatility was muted in the overnight session with prices relatively flat into the break.
Corn and soybeans both gapped higher overnight, but corn futures struggled to sustain gains. Beans remained strong throughout the overnight session while wheat futures gapped higher but have trended lower since.
Consolidation occurred for most of the overnight session in the grain markets.
Conditions slightly worsening was not enough to bolster additional buying following yesterday’s explosion higher.