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Corn and soybeans saw modest corrective selling overnight on light volume, while wheat futures consolidated near contract lows.

Grain trade was light overnight ahead of USDA’s March crop reports later this morning.

After the Bell | March 7, 2024

Our updated monthly and quarterly price forecasts.

February’s Farm Financial Performance Index reading of 85 was 1 point lower than January and 13 points below its most recent peak in December.

Grain and soy markets surged overnight, each would mark a significant reversal if gains are sustained throughout today’s session.

Soyoil sales for the week ended Feb. 29 reached a marketing-year high of 29,200 MT, while soybean sales landed above pre-report estimates. Meanwhile, corn and wheat sales were within their respective pre-report ranges.

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Corn futures built on Wednesday’s gains overnight, while soybeans and wheat also firmed amid corrective buying.