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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.
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.
Corn futures were unable to generate followthrough buying overnight after Thursday’s gains, while the soybean and wheat markets extended yesterday’s declines.