News
Grain and soy futures will face followthrough selling amid eroding technicals and no indication from export sales data that prices are ‘cheap enough.’
Grain and soy futures are expected to have a varied tone at the start of daytime trade.
Corn and soybeans posted mild corrective gains overnight, while wheat traded on both sides of unchanged.
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All food prices are now forecast to rise 6.5% in 2023 (range of 4.9% to 8.2%), down from an expected 7.5% increase last month.
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Grain and soy futures are expected to favor the downside after failing to sustain corrective buying overnight.
Grain and soy markets worked higher on corrective buying earlier in the overnight session, but buyer interest is drying up this morning.