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New-crop export sales for corn, soybeans and wheat each landed within analysts’ pre-report expectations, though soyoil sales posted net reductions for a second straight week.
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Corn and soybean basis remains well below average despite weak cash prices.
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December corn extended losses, ultimately forging a sub-$4.00 close for the first time since late 2020, despite notable outside market support, while soybeans and wheat ended the session modestly higher.
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Corn, soybeans and wheat posted corrective gains most of the overnight session though saw an increase in selling pressure into the break.
Soybeans firm overnight, buying limited in corn and wheat
The grain and soy complex edged lower amid low volume trade and mostly favorable weather throughout the Midwest.
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Corn, soybeans and wheat saw resurgent selling pressure overnight though saw a modest increase in buying pressure into the break.
All three crops remain rated much better than last year at this time.
Corn and soybeans were able to rebound from intraday lows amid a wheat led charge.
Wheat inspections led the weekly increase, rising 168,623 MT, while soybean inspections exceeded pre-report estimates. Corn inspections were just short of topping analysts’ pre-report range.
Soybeans are facing heavy followthrough selling to open the week.
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Corn, soybeans and wheat saw followthrough selling overnight with soybeans leading the way lower.