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Corn, soybeans and wheat extended Wednesday’s losses during the overnight session.
Cash grain prices continue to fall; sharply below year-ago.
Basis remains weaker than average for corn, soybeans and wheat.
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Grain and soy markets are expected to open under solid pressure this morning after weak trade overnight.
Wheat futures led broad losses in the grain and soy complex during the overnight session as markets weakened amid technical selling and a lack of supportive news.
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Corn futures saw modest corrective gains overnight, soybeans pivoted near unchanged and wheat reversed Monday’s gains.
Corn, soybeans and wheat held in tight trading ranges during a quiet overnight session.
After the Bell | February 12, 2024
For the week ended Feb., USDA showed corn and wheat inspections up 230,000 MT and 112,000 from the previous week, while soybean inspections fell 420,000 MT after a 320,000 MT upward revision to last week’s figure.
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Corn and soybeans saw corrective gains overnight though saw increased selling into the break. Wheat favored the downside, though went into the break near unchanged.
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Most short-term, intermediate and long-term trends unchanged.
Corn and soybean futures firmed amid mild corrective buying overnight, while wheat traded lower.
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