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Corn and wheat futures firmed amid mild followthrough buying overnight, while soybeans pulled back a little.
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After the Bell | October 19, 2023 The rally in soymeal continued and led soybeans higher into the close, while nearby corn closed above $5.00 for the first time since early August.
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Corn traded on both sides of unchanged overnight, soybeans favored the upside but slipped into the break and wheat surged on the overnight open but has since faced corrective selling.
USDA reported weekly soybean sales of 1.372 MMT during week ended Oct. 12, up 30% from the previous week and 92% from the four-week average. Corn and wheat sales were steady on the week.
Corn and wheat mildly favored the downside, while soybeans traded mostly higher in quiet, two-sided price action overnight.
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After the Bell | October 18, 2023 Soymeal strength lifted soybean futures, while increasing signs the wheat complex has carved interim lows spurred buying in grains.
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Corn, soybeans and wheat each favored the upside overnight, continuing to show relative strength. Soybeans will be further supported by this morning’s daily export announcement.
Soybeans posted followthrough buying overnight, while corn and wheat rebounded from losses earlier this week.
After the Bell | October 17, 2023 Followthrough soymeal gains led soybeans higher, while hedge pressure and a general risk-off tone hovered over grains.
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Soybeans favored the upside overnight, corn traded near unchanged for the most part and wheat futures favored the downside.