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The Seasonal Drought Outlook calls for broad continuation or expansion of drought for most winter wheat areas.
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Wheat saw relative weakness overnight, pulling both corn and beans lower for most of the overnight session. Soybeans surged higher this morning and went into the break near session highs.
Soybean sales notably topped pre-report expectations for the week ended Sept. 12, while wheat sales were short of analysts’ pre-report range.
Corn, soybeans and wheat briefly traded higher early in the overnight session but have weakened and are near their lows early this morning.
Corn basis dropped as harvest picked up but soybean basis firmed.
Fed Chairman Jerome Powell described the move a ‘recalibration’ while some others said the Fed was playing catch-up
A look at how India restricts U.S. soy products
Soybeans led strength overnight, surging higher and pulling both corn and beans modestly higher as well.