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Soybeans posted solid gains amid corrective buying overnight, while corn and wheat futures pulled back from last Thursday’s gains.
Weekly wheat sales were just above the pre-report range for the week ended March 21, while soybean sales missed the expected range by 36,000 MT. Corn sales held steady at 1.21 MMT.
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Corn, soybeans and wheat traded in tight ranges overnight, with grains showing relative strength into the break.
Corn, soybeans and wheat traded in narrow ranges during the overnight session ahead of USDA’s reports later this morning.
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Corn and soybeans each favored the downside overnight, with corn leading the way lower. Wheat showed relative strength and went into the break near unchanged.
Corn, soybeans and wheat extended Tuesday’s losses during the overnight session.
Corn and soybean basis firmed a little as cash prices weakened.