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Grain markets posted two-sided price action in relatively quiet overnight trade.

Cash wheat prices continue to firm contra-seasonally.

Basis firmed for soybeans despite a sharp rise in the cash price.

After the Bell | May 22, 2024

Markets signal reduced odds of more than one rate cut this year following the release of minutes from latest monetary policy meeting.

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Wheat led strength overnight though went into the break well off session highs, corn and soybeans followed suit, posting early overnight gains but weakening into the break.

Front-month SRW wheat futures rallied to the highest price since early August during overnight trade, pulling corn and soybeans higher.

After the Bell | May 21, 2024