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The Seasonal Drought Outlook calls for broad continuation or expansion of drought for most winter wheat areas.
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Wheat saw relative weakness overnight, pulling both corn and beans lower for most of the overnight session. Soybeans surged higher this morning and went into the break near session highs.
Soybean sales notably topped pre-report expectations for the week ended Sept. 12, while wheat sales were short of analysts’ pre-report range.
Corn, soybeans and wheat briefly traded higher early in the overnight session but have weakened and are near their lows early this morning.
Corn basis dropped as harvest picked up but soybean basis firmed.
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Soybeans led strength overnight, surging higher and pulling both corn and beans modestly higher as well.
Soybean futures posted double-digit gains overnight, while corn and wheat traded modestly higher.
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Corn, soybeans and wheat each favored the upside, with wheat leading the way higher following yesterday’s steep decline.
Corn, soybeans and wheat held in tight trading ranges during a quiet overnight session.
CCI ratings improved for both corn and soybeans in Illinois.