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Corn, soybeans and wheat each favored the downside in overnight trade, though buying interest perked up into the break.
Corn and soybeans pulled back overnight from recent gains, while wheat mildly extended yesterday’s losses.
The grain and soy markets remained closed for New Year’s Day overnight and will resume trading at 8:30 a.m. CT.
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There was no overnight grain trade. Grain and livestock markets will resume trading at 8:30 a.m. CT.
Corn basis firmed along with rising cash prices.
Short covering spurred gains in the soy and wheat markets overnight, while corn rebounded from Monday’s weakness.
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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.