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Corn futures drop to lowest level in over a week on corrective pressure, soybeans and wheat also lower.
Soybeans posted new highs overnight, with the March contract topping $15.60 amid a continued price surge tied to South American crop losses and speculative buying. Corn and wheat modestly followed higher.
Soybean futures extend rally to highest levels since June on smaller South America crop outlook; corn and wheat also higher.
Russia continues to deny invasion plans, soybean crush expected to hit record high and hog slaughter opens the week on a high note...
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.