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U.S. government forecasters signal La Niña has ended, but the extended weather forecast from the National Weather Service continues to indicate La Niña-like weather will persist through June.

Corn should be supported by strong weekly export sales and another daily sale to China.

USDA reported weekly corn sales of 1.236 MMT for week ended March 9, near the top-end of the pre-report range. Soybean sales were also near top-end estimates at 665,000 MT, up from net reductions the previous week.

Corn futures pivoted around unchanged in quiet overnight trade while soybeans were supported by corrective buying and wheat pulled back from gains earlier this week.

Cash corn and soybean prices under year-ago.

Soybean basis dropped but the average cash price remained above $15.

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After the Bell | March 15, 2023

Corn and wheat are expected to open with a mildly firmer tone, though outside markets are price-negative. Soybeans are called lower.