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Grain trade was light overnight ahead of USDA’s March crop reports later this morning.
February’s Farm Financial Performance Index reading of 85 was 1 point lower than January and 13 points below its most recent peak in December.
Grain and soy markets surged overnight, each would mark a significant reversal if gains are sustained throughout today’s session.
Soyoil sales for the week ended Feb. 29 reached a marketing-year high of 29,200 MT, while soybean sales landed above pre-report estimates. Meanwhile, corn and wheat sales were within their respective pre-report ranges.
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Corn futures built on Wednesday’s gains overnight, while soybeans and wheat also firmed amid corrective buying.
Corn and soybean basis weakens on the rollover to May futures.