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Wheat futures climb to highs for week; corn, soybeans expected firmer on Midwest dryness.
Wheat futures jump sharply to lead grains, soy complex higher as markets continue corrective bounce from recent slump.
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Corn and wheat futures built on Thursday’s strong corrective gains during overnight trade. Soybeans traded higher initially but failed to sustain the firmer tone.
Cash prices for corn, soybeans and wheat plunged over the past week.
USDA estimates the drought footprint at 29% for corn (up six points from last week), 22% for soybeans (up seven points), 19% for spring wheat (unchanged) and 68% for cotton (up seven points).
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Grain, soybean futures expected higher after surging overnight amid corrective buying.
Corn, soybean and wheat futures traded sharply higher overnight as markets rebounded from recent hefty losses.
Corn and soybean basis remains well above average, though cash prices plunged.
Corn, soybean futures rebound from initial drop to multi-month lows; wheat futures extend slide.
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Grain, soybean futures expected higher on corrective buying, weaker USDA crop ratings.
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Corn futures traded lower for much of the overnight session but are mildly firmer this morning, while soybeans and wheat are showing stronger corrective gains following Tuesday’s sharp losses.
The soybean CCI rating dropped below the five-year average for the first time this growing season.
Corn futures extend slump, hit five-month lows on Midwest rain; soybeans and wheat also plummet.