Ahead of the Open
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.
Corn, soybeans and wheat traded sharply higher overnight that will likely continue into daytime, although some profit taking is likely.