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Corn, soybeans and wheat each posted corrective gains overnight, with corn leading the way higher. The open has brought selling pressure most of this week, a change of that trend will be key.
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.