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Traders covered more short positions in the soybean and wheat markets overnight, while corn rebounded from Monday’s losses.
Corn inspections during the week ended Dec. 26 led the decline, falling 268,000 MT from the previous week, while soybean and wheat inspections dropped 204,469 MT and 68,238 MT, respectively. However, net inspections were within pre-report estimates.
Corn, soybeans and wheat futures are all off to a higher start alongside livestock futures, which are mostly higher, as well...
Corn continues to lead strength, making new highs, which has supported the grain and soy complex.
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Corn, soybeans and wheat firmed during the overnight session, with March corn reaching the highest level since June 26.
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Weekly corn and wheat sales rose 46% and 34%, respectively, on the week, while soybean sales dipped 31% to a marketing-year low.
Corn, soybeans and wheat each traded in tight ranges on low volume overnight.
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Corn, soybeans and wheat mildly pulled back from Thursday’s gains during a lightly traded overnight session.
There was no overnight grain trade as markets remained closed for Christmas, with grain and livestock markets resuming trade with a hard open at 8:30 a.m. CT.
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Cash cattle and hog prices firmed over the past week.