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The grain and soy markets favored the downside overnight as soybeans continue to lead weakness.
Corn and soybeans faced followthrough selling overnight, while wheat retreated from recent gains.
That would still be the smallest annual increase in overall food prices since they rose 0.9% in 2017.
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Corn and soybeans traded in tight ranges overnight, with corn favoring the upside and soybeans the downside. Wheat futures favored the upside, though saw weakness into the break.
Weekly soybean sales during the week ended Jan. 18, missed the low-end pre-report estimate by 140,000 MT and were down 28% from the previous week.
Corn, soybeans and wheat held in tight ranges in light overnight price action.
Basis and cash prices firmed for corn and soybeans.
Cash corn and soybean prices rose for the first time in a month.
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Corn, soybeans and wheat continue to see corrective gains as soybeans are leading the way higher.
Corn, soybeans and wheat modestly extended recent corrective gains during the overnight session.
China to cut banks’ reserve requirement ratio 50 basis points from Feb. 5, inject 1 trillion yuan into market
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