News
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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Grain futures are expected to open with a firmer tone after gains overnight. Key will be whether overnight price strength is maintained during daytime trade.
Soybeans firmed to near their weekly highs overnight, while corn and wheat recouped some of their declines from the three previous days.
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During the week ended May 9, weekly pork sales totaled 21,100 MT, a marketing-year low, while soybean sales missed the pre-report range of estimates, falling 38% from the previous week. Weekly corn sales dropped 17%.
Drought covers 25% of winter wheat areas, 12% for corn and 9% for soybeans.
Wheat futures led resurgent strength across the grain and soy markets overnight.
Wheat rebounded from yesterday’s losses overnight, pulling corn and soybean futures modestly higher.