News
Soybean futures aggressively extended Friday’s price rally during overnight trade. Corn followed to the upside, while wheat traded mixed.
The U.S. cattle herd was 0.1% bigger than year-ago as of June 1, whereas traders expected a 0.7% decline.
Corn, soybean and wheat futures firmed amid corrective buying during the overnight session as traders await USDA’s reports later this morning.
Drought now covers 70% of corn areas and 63% of soybeans.
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Corn, soybean and winter wheat futures are expected to open mildly weaker, though selling should be more subdued than price action over the past week.
USDA’s weekly export data for week ended June 22, showed net sales for corn, soybeans and wheat within their respective ranges, but near low-end expectations.
Corn, soybeans and wheat posted two-sided trade overnight as markets calmed from recent volatile price action.
Cash corn and soybean prices plunge amid sharp declines in futures.