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Soybean basis improved but remains below average.
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Soybeans led corn and wheat higher overnight on early reports of large export sales that were confirmed this morning by USDA.
Soybean futures posted strong gains overnight on talk of big Chinese purchases, while corn and wheat followed to the upside.
Higher-than-expected corn and soybean yields in some Corn Belt locations, along with a modest rally in corn prices, contributed to this month’s rise in farmer sentiment.
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Corn favored the downside overnight, soybeans reversed early losses and went into the break on session highs and wheat favored the downside though is well off session lows.
Soybeans pulled back from recent strong gains amid corrective selling overnight, while corn and wheat also traded lower.
Both crops remain well above year-ago levels.
Weekly corn export inspections outpaced pre-report expectations by 135,000 MT, while wheat inspections missed by over 100,000 MT.
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Soybeans and corn are higher with wheat futures under light pressure. Cattle futures are under pressure with lean hogs off to a positive start to the week...
Soybeans continue to surge, trading at the highest level in nearly two months overnight. Corn traded in a tight range and went into the break steady, while wheat favored the downside.
Short-term trend turns bullish for soybeans and lean hog futures.
Soybean futures posted strong gains overnight, which spilled over to corn, while wheat faced light selling pressure.