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Corn saw followthrough buying overnight but saw some profit-taking into the break, soybeans faced mild corrective selling and wheat saw followthrough buying.
Corn and wheat mildly favored the downside, while soybeans traded mostly higher in quiet, two-sided price action overnight.
Corn and soybean basis now just slightly weaker than average.
After the Bell | October 18, 2023 Soymeal strength lifted soybean futures, while increasing signs the wheat complex has carved interim lows spurred buying in grains.
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Corn, soybeans and wheat each favored the upside overnight, continuing to show relative strength. Soybeans will be further supported by this morning’s daily export announcement.
Soybeans posted followthrough buying overnight, while corn and wheat rebounded from losses earlier this week.
After the Bell | October 17, 2023 Followthrough soymeal gains led soybeans higher, while hedge pressure and a general risk-off tone hovered over grains.
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