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Wheat led strength overnight though went into the break well off session highs, corn and soybeans followed suit, posting early overnight gains but weakening into the break.
Front-month SRW wheat futures rallied to the highest price since early August during overnight trade, pulling corn and soybeans higher.
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Soybeans led weakness overnight though corn, soybeans and wheat each pulled back from Monday’s gains. Each saw light volume overnight.
Grain and soy futures pulled back from Monday’s strong gains overnight, with soybeans and soyoil facing the heaviest pressure.
Weekly changes in CCI ratings were led by top producers Kansas (HRW) and Illinois (SRW).
Weekly corn inspections during the week ended May 16 rose more than 200,000 MT from the previous week, while wheat and soybean inspections each fell notably on the week, missing pre-report estimates.
Corn and soybeans are higher as wheat opens the week with sharp gains. Cattle futures are mixed but mostly higher with lean hogs moderately firmer...
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Strong gains in wheat led corn and soybeans higher overnight. Wheat maintaining overnight gains will be key as the recent trend has been overnight strength followed by weakness after the open.
Short-term trend shifts from bullish to neutral for corn.
Wheat futures rebounded from the poor finish last Friday by posting strong gains during the overnight session. Corn and soybeans followed to the upside.
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