News
Strong gains in wheat led to modest gains in corn overnight, while soybeans continue to see relative weakness. Each saw an increase in buying activity into the break.
Weekly soybean sales during the week ended May 23 rose 18% from the previous week, though exports for the week slipped to a marketing-year low of 208,400 MT.
Corn, soybeans and wheat recouped some of the losses from earlier this week during the overnight session.
Cash corn prices firm a little, while soybean prices ease.
USDA estimated drought covered 5% of corn production areas and 3% for soybeans as of May 28.
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Corn and soybeans saw modest corrective buying overnight, while wheat saw continued selling pressure. The key for corn and soy will be strength on this morning’s open, as selling on the open has been the norm this week.
Wheat futures faced active followthrough selling overnight, while corn and soybeans favored the downside in two-sided trade.
Basis firmed for corn and soybeans as cash prices dropped.