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Higher-than-expected corn and soybean yields in some Corn Belt locations, along with a modest rally in corn prices, contributed to this month’s rise in farmer sentiment.
Soybeans continue to surge, trading at the highest level in nearly two months overnight. Corn traded in a tight range and went into the break steady, while wheat favored the downside.
Short-term trend turns bullish for soybeans and lean hog futures.
Soybean futures posted strong gains overnight, which spilled over to corn, while wheat faced light selling pressure.
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Corn and wheat traded in a tight range overnight, though went into session highs following a surge higher after this morning’s NFP number. Soybeans saw continued strength overnight, trading a two-week high.
Corn, soybeans and wheat held in relatively tight ranges while spending time on both side of unchanged during overnight trade.