News
Wheat boasted relative strength overnight while corn and soybeans struggled to follow to the upside.
Net soybean sales during the week ended Nov. 14 rose 20% from the previous week and topped analysts’ expectations by 260,000 MT. Meanwhile, cotton sales during the week rose solidly to a marketing-year high.
Corn and wheat futures modestly built on Wednesday’s gains during overnight trade, while soybeans rebounded from losses.
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Corn and soybean basis firmed while cash prices dropped.
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Soybeans led weakness overnight, with corn and wheat following to the downside. Buying interest in wheat picked up into the break.
Corn, soybeans and wheat were pressured overnight by a stronger U.S. dollar and a lack of supportive news.