A USMCA trade dispute settlement panel rejected a complaint filed by the United States against Canada pertaining to Ottawa's alleged improper limitation of access to its dairy market.
Soybeans favored the downside overnight amidst profit taking, wheat futures favored the upside, corn was stuck in the middle and traded narrowly near unchanged. Each saw an increase in selling pressure into the break.
Soybeans turned lower after rallying 60 cents in two sessions to start the week, wheat futures continue to bounce from near-contract lows and corn saw light trading on both sides of unchanged overnight.
Soybeans continued Monday’s rally overnight, corn is pressing into the upper end of the recent sideways range and wheat saw corrective buying off yesterday’s for-the-move low.
USDA's Weekly export inspections data showed corn, soybean and wheat inspections within pre-report ranges, though soybean inspections are increasingly falling behind year-ago.
Corn and wheat futures are under light pressure with soybeans slightly higher to start the week. Cattle futures are mostly higher with lean hogs mixed.
Corn and soybeans reversed early overnight losses and into the break nearer session highs, as soybeans continue to lead strength. Wheat futures slipped, continuing last week’s weakness.
Corn futures were unable to generate followthrough buying overnight after Thursday’s gains, while the soybean and wheat markets extended yesterday’s declines.
The 90-day forecast from the National Weather Service signals increased chances of above-normal precipitation across most of the key HRW production areas of the Central and Southern Plains through February.
