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Corrective buying supported corn, soybean and wheat futures ahead of USDA’s May crop reports later this morning.

The Federal Reserve Bank of Kansas City reports a 10% annual boost in farmland values.

Quarterly Federal Reserve Bank survey finds continuing gains in farmland prices, favorable credit conditions.

After the Bell | May 11, 2023

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Corn, soybeans and wheat are expected to open lower this morning after losses overnight and disappointing export data, especially for soybeans.

Weekly soybean and wheat export sales each missed their respective pre-report range, while corn sales were mid-range. Net soymeal (277,800 MT) and cotton (246,800 RB) sales were each the bright spots for the week.

Corn, soybean and wheat futures faced pressure while holding in relatively tight trading ranges overnight.