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Soybeans were pressured by profit-taking and corrective selling overnight, while the corn and wheat markets faced followthrough selling to Wednesday’s losses.
Soybean futures top $15 for first time since June as drought curbs S. American outlook, corn and wheat also higher.
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Wheat futures failed to find followthrough selling overnight after a bearish outside day down on Monday, which triggered light corrective buying. Corn also mildly rebounded overnight, while soybeans paused.
USDA estimates there were 91.9 million head of cattle in the U.S. as of Jan. 1, down 1.9 million head (2.0%) from year-ago and 762,000 head less than the average pre-report estimate implied.
Soybean futures extend rally to highest prices since June on exports, South America drought; wheat’s tumble pulls corn lower.
![“Asian exporters are paying premium shipping rates, sometimes 10 times what the rate is for going from the [United] States back to Asia, and this shipping rate disparity incentivizes sending back those empty containers,” Borror said.](https://assets.farmjournal.com/dims4/default/92c7bcd/2147483647/strip/true/crop/840x561+0+19/resize/250x167!/format/webp/quality/90/?url=https%3A%2F%2Ffj-corp-pub.s3.us-east-2.amazonaws.com%2Fs3fs-public%2F2021-02%2FExport-ship-840.jpg)
Soybean futures extend rally near $15.00 on shrinking South America crop prospects, corn hits contract high, wheat firmer.
Soybeans and corn posted fresh contract highs overnight. Wheat futures open the week under light pressure. Livestock futures are higher this morning...
Short-, intermediate and long-term trends are up for corn and soybeans.
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