News
After the Bell | November 22, 2023 Happy Thanksgiving from Pro Farmer!
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Soybeans favored the downside overnight amidst profit taking, wheat futures favored the upside, corn was stuck in the middle and traded narrowly near unchanged. Each saw an increase in selling pressure into the break.
Soybeans turned lower after rallying 60 cents in two sessions to start the week, wheat futures continue to bounce from near-contract lows and corn saw light trading on both sides of unchanged overnight.
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Corn, soybeans and wheat all favored the upside overnight, with beans continuing to lead the way higher.
Soybeans continued Monday’s rally overnight, corn is pressing into the upper end of the recent sideways range and wheat saw corrective buying off yesterday’s for-the-move low.
USDA’s Weekly export inspections data showed corn, soybean and wheat inspections within pre-report ranges, though soybean inspections are increasingly falling behind year-ago.
Corn and wheat futures are under light pressure with soybeans slightly higher to start the week. Cattle futures are mostly higher with lean hogs mixed.
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Corn and soybeans reversed early overnight losses and into the break nearer session highs, as soybeans continue to lead strength. Wheat futures slipped, continuing last week’s weakness.
Soybean futures firmed despite a gap lower on the overnight open, corn futures have pivoted near unchanged while wheat continued recent weakness.
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The report data was virtually inline with expectations, which should have little impact on prices Monday.
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Grain markets are expected to open weaker this morning after price pressure overnight.