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Corn and soybeans are moderately higher with wheat futures working to follow higher. Cattle and hog futures are lower to start the week…
Soybeans led strength overnight with corn and wheat both following to the upside.
Soybeans extended corrective gains from the two previous days during overnight trade while corn and wheat also firmed.
Rains across the central U.S. this week should help but more will be needed.
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Soybeans favored the upside, corn traded narrowly near unchanged and wheat favored the downside overnight.
Corn sales during the week ended Oct. 24 declined 35% from the previous week to 2.34 MMT, while wheat sales dropped 23%. Meanwhile, soybean sales rose modestly on the week to 2.27 MMT.
Soybeans extended Wednesday’s gains overnight, while corn and wheat futures weakened.
Soybean basis is slightly weaker than average.