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Soybean futures post contract high amid export strength, wheat futures extend declines, corn also lower.
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Soybean futures pulled back early in overnight trade but have rebounded to post new contract highs this morning. Overnight price action was light and choppy in corn and wheat.
Corn basis firmed a penny over the past week as futures rose.
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Wheat futures expected lower on profit-taking from sharp gains, soybeans higher, corn down slightly.
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The wheat market faced profit-taking and corrective selling overnight following strong gains the first two days this week. Corn was pulled slightly lower by wheat, while soybeans favored the upside in two-sided trade.