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Soybeans posted double-digit losses overnight coming out of the extended weekend, while corn was slightly lower. Wheat futures posted corrective gains.
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Soybean futures tumble 40 cents on week with rain relief expected for dry South American crops, wheat sinks to three-month lows.
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Ahead of the Open | January 14, 2022 Wheat futures seen extending slump near three-month lows, corn and soybeans slightly firmer.
Soybeans and wheat extended Thursday’s losses overnight, while corn mildly bounced after holding support at yesterday’s lows.
Corn futures close near one-month low, soybeans down sharply with rain relief predicted for South America; wheat extends slump.
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Soybeans, wheat and soymeal within expectations
Soybean futures pulled back from Wednesday’s gains overnight, while corn and wheat faced followthrough selling.
Boxed beef prices strengthened over the past week, while the cash cattle price weakened.
Soybeans climb after USDA lowers South American crop forecasts more than expected, wheat futures drop on higher seedings.
The wheat market had the biggest reaction to the data as winter wheat seedings topped expectations, while U.S. and global wheat ending stocks increased from last month.