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Wheat rally | U.S. cotton to China | Proposed rule on poultry payment systems | Bird flu
Corn, soybeans and wheat each posted corrective gains overnight on light volume. Key will be if buyers can maintain gains after the open, which has brought selling pressure all week.
Weekly soybean sales during the week ended May 23 rose 18% from the previous week, though exports for the week slipped to a marketing-year low of 208,400 MT.
Corn, soybeans and wheat recouped some of the losses from earlier this week during the overnight session.
Cash corn prices firm a little, while soybean prices ease.
USDA estimated drought covered 5% of corn production areas and 3% for soybeans as of May 28.
U.S. GDP downgraded for Q1 2024 | Bird flu: potential actions on milk testing | SAF credit no show for ethanol? | Even bigger U.S. ag trade gap forecast
Corn and soybeans saw modest corrective buying overnight, while wheat saw continued selling pressure. The key for corn and soy will be strength on this morning’s open, as selling on the open has been the norm this week.
Wheat futures faced active followthrough selling overnight, while corn and soybeans favored the downside in two-sided trade.
Basis firmed for corn and soybeans as cash prices dropped.
Uncertain corn price benefits from carbon capture in ethanol industry | Bird flu strikes flock of 4.2 million chickens in Sioux County, Iowa
Corn, soybeans and wheat each favored the downside overnight in a continuation of Tuesday’s weakness. Prices are nearing the lower end of the recent sideways trading range in each crop.
Corn, soybeans and the winter wheat markets mildly favored the downside overnight.
HRW crop continues modest late-season improvement, while SRW crop is declining ahead of harvest.