Ahead of the Open
Corn, soybeans and wheat each saw corrective buying overnight, though each faded into the break. Soybeans continue to show relative strength, despite mixed outside markets.
Grains were mixed overnight, though all finished higher into the break. Wheat led the way higher amidst short covering.
Grain bulls struggled to garner momentum overnight, though most trade is likely positioning ahead of today’s USDA reports.
Corn and soybeans saw buying overnight, bringing both markets on technical resistance into the break. SRW futures made a new contract low overnight, with wheat futures falling across the board.
Muted volatility was seen across the grain markets overnight, which is likely to continue until Tuesday’s Crop Production report.
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.