Grains saw renewed selling pressure overnight, negating much of Tuesday’s rally in corn and soybeans, though wheat futures pared overnight losses into the break.
The grain and soy markets saw corrective buying most of the overnight session, though sellers reemerged into the break, breaking prices near session lows.
During the week ended Jan. 4, weekly wheat inspections topped pre-report estimates by over 140,000 MT, while soybean inspections were just shy of the pre-report range of 700,000 MT to 1.125 MMT.
Grain and soy futures favored the downside overnight - pressure continues this morning. Cattle futures are choppy with lean hogs mostly lower to start the week...
Corn and wheat favored the upside most of the night but saw renewed selling into the break, while soybeans saw steady selling pressure most of the overnight session.
Weekly corn, wheat and soybean sales each missed pre-report expectations for the week ended Dec. 28, while corn and soybean sales slid to a marketing-year low.
Weekly corn inspections during week ended Dec. 28 were down over 650,000 MT from the previous week to 570,000 MT. Wheat and soybean inspections were also down 187,000 MT and 156,000 MT, respectively.
Grain markets were closed overnight due to the holiday and are set to open at 8:30. A surging U.S. dollar index is likely to pressure both corn and wheat, while falling crop estimates are likely to support soybeans.