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Weekly corn sales during the week ended May 30, rose 46% from the previous week and 41% from the four-week average. Meanwhile, new-crop wheat sales topped pre-report expectations by 117,000 MT.
Corn and soybean futures were supported by corrective buying overnight, while wheat pivoted around unchanged.
Basis firmed for corn, soybeans and wheat as cash prices dropped sharply.
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Soybeans posted modest corrective gains overnight while corn and wheat pivoted near unchanged. Sellers have commanded the opens thus far this week, a break from that trend will be key.
Corn, soybeans and wheat held in relatively tight trading ranges during a quiet overnight session.
Both the current conditions index and future expectations index rose from April.
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Corn, soybeans and wheat each saw sustained selling pressure overnight, with soybeans showing relative strength.
Corn futures showed mild followthrough selling throughout the overnight session, while soybeans and wheat have weakened this morning following two-sided trade earlier in the session.
Both crops start the growing season rated well above year-ago.
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Weekly corn inspections rose 244,000 MT from the previous week to 1.37 MMT during the week ended May 30, landing above pre-report expectations. Wheat and soybean inspections also rose on the week.
Wheat futures are higher with corn and soybean futures under pressure to start the week. Cattle and hog futures are mildly favoring the upside...
Strong gains in wheat led to modest gains in corn overnight, while soybeans continue to see relative weakness. Each saw an increase in buying activity into the break.
Short-term trend turns bearish for corn, soybeans and soymeal.
Wheat futures recouped some of last week’s losses during the overnight session, while corn and soybeans extended their recent declines.
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