News
Wheat futures are expected to open solidly higher, with corn and soybeans likely to be mixed with a firmer tone. Pre-report positioning will be featured this morning ahead of USDA’s May crop reports.
Corn, soybean and wheat futures faced pressure while holding in relatively tight trading ranges overnight.
Corn basis remains premium and well above average.
USDA will update its old-crop ending stocks, release its first 2023-24 balance sheets and issue its initial winter wheat crop estimate.
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China and others continue to take actions re: decreased use of U.S. dollar
Corn, soybeans and wheat are expected to open lower on followthrough selling, but all three markets finished well off their overnight lows.
Corn, soybeans and SRW wheat faced followthrough selling overnight, while HRW and HRS wheat futures pulled back from Tuesday’s gains.