Corn and wheat futures built on Thursday’s strong corrective gains during overnight trade. Soybeans traded higher initially but failed to sustain the firmer tone.
USDA estimates the drought footprint at 29% for corn (up six points from last week), 22% for soybeans (up seven points), 19% for spring wheat (unchanged) and 68% for cotton (up seven points).
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Corn futures traded lower for much of the overnight session but are mildly firmer this morning, while soybeans and wheat are showing stronger corrective gains following Tuesday’s sharp losses.
Grain markets didn't trade overnight and will resume trade at 8:30 a.m. CT. The U.S. dollar surged more than 1,000 points higher, making a new for-the-move high overnight.
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