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Corn and wheat traded around unchanged most of the overnight session though selling accelerated this morning, while soybeans traded higher most of the night before turning lower into the break.
Corn, soybeans and wheat each saw corrective buying overnight, though selling pressure increased into the break.
USDA reported corn sales of 511,400 MT for the week ended June 13, the lowest since the week ended April 11, though exports totaled 1.48 MMT during the week. Meanwhile, wheat and soyoil sales each topped expectations.
Corn, soybeans and wheat posted mild corrective gains overnight, recouping a small portion of Thursday’s sharp losses.
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The Seasonal Drought Outlook calls for drought conditions to develop from southeastern Iowa and northeastern Missouri across the northern two-thirds of Illinois and most of Indiana and Ohio through September.
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Corn, soybeans and wheat each saw selling pressure overnight, negating a portion of the gains seen Tuesday in corn and beans.
Stabenow uses CBO updates to make her farm bill case