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Corn futures showed relative strength overnight though saw increased selling into the break, while soybeans and wheat each traded lower most of the overnight session.
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The Federal Reserve Bank of Chicago’s quarterly ag banker survey finds gains in first quarter land values.
Grain futures extended gains after the report, while cotton increased losses.
Kansas City Federal Reserve finds rising farmland values despite a weakening farm economy.
The corn and wheat markets are deepening earlier gains amid lower-than-expected U.S. and global corn ending stocks, while all wheat production was reported 30 million bu. short of the average trade estimate.
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Strong wheat gains led corn modestly higher overnight, while soybeans pivoted near unchanged. Price action will largely be dictated by the release of USDA reports at 11 a.m. CT.