Ahead of the Open
Grains were mixed overnight, though all finished higher into the break. Wheat led the way higher amidst short covering.
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.
Corn, soybeans and wheat faced selling pressure in the overnight sessions as optimism about the Black Sea deescalates geopolitical tensions.
Soybeans are expected to open mildly weaker after fading late in the overnight session. Corn and wheat are called slightly firmer at the start of daytime trade.
Grain futures lower overnight amid concern over Covid surge in China; soybeans continue holding above $15.00.