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Corn, soybean and wheat futures held in relatively tight ranges during light, two-sided trade overnight.
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Corn and wheat faced selling pressure overnight while soybeans continued to show relative strength.
Weekly corn sales during the week ended March 7 totaled 1.28 MMT, up 16% from the previous week, while soybean and wheat sales each faded, down 39% and 69%, respectively. Wheat sales were at a marketing-year low.
Soybeans extended their recent corrective gains during the overnight session, while wheat traded lower and corn favored the downside in two-sided trade.
Basis slipped a little for corn, soybeans and SRW wheat as cash prices firmed.
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Corn, soybeans and wheat each pulled back from Tuesday’s gains overnight, continuing the norm of overnight weakness. Each is near pivotal resistance.
Soybean futures retreated from Tuesday’s gains during overnight trade, while the corn and wheat markets have weakened after two-sided price action earlier in the session.
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Corn and wheat saw corrective selling most of the overnight session though pared losses into the break, while soybeans posted modest gains.
Soybeans extended Monday’s declines overnight, while corn and wheat pulled back from yesterday’s gains.