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Weekly corn inspections topped pre-report estimates of 1.35 MMT for week ended April 27, while wheat was near the top-end pre-report range and soybeans mid-range.
Wheat futures opened the week under heavy pressure after the best rains across Plains HRW areas last week.
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Corn and wheat are expected to open under pressure, while soybeans are called mildly firmer this morning.
Short-term trends turn bearish for grain and soy futures.
Wheat futures faced pressure overnight, while corn was mostly weaker and soybeans favored the upside.
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Soybeans are expected to open higher amid corrective buying, while corn and wheat could face mild followthrough selling after failing to sustain buyer interest overnight.
Soybean futures traded higher overnight, while corn and SRW wheat failed to sustain earlier corrective buying.
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Grain and soy futures will face followthrough selling amid eroding technicals and no indication from export sales data that prices are ‘cheap enough.’
Weekly corn, soybean and wheat sales were all within their respective ranges for week ended April 20. While cotton and pork sales were each up noticeably from the previous week and the four-week average.