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Corn and wheat saw corrective buying on Thursday despite losses in the soy complex. Cotton futures slipped after intraday volatility. Cattle futures pulled back from recent gains while hogs saw light buying.
Basis firmed for soybeans and is now positive.
The ag markets saw selling pressure across the board today aside from cattle, which rose on anticipation of firmer cash trade.
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The grain markets saw limited volatility overnight, with corn seeing slight buying into the break, soybeans seeing mild selling pressure and wheat facing profit taking from Tuesday’s rally.
Corn, soybean and wheat futures traded narrowly on either side of unchanged during quiet overnight price action.
Corn and soybeans underwent heavy selling pressure throughout the session, despite corrective buying in the wheat and cotton markets. Livestock fell under pressure as well, as cattle saw selling and hogs continue to fall
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Corn, soybeans and wheat each favored the downside overnight, with soybeans leading the way lower.