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USDA estimated drought covered 5% of corn production areas and 3% for soybeans as of May 28.

U.S. GDP downgraded for Q1 2024 | Bird flu: potential actions on milk testing | SAF credit no show for ethanol? | Even bigger U.S. ag trade gap forecast

Corn and soybeans saw modest corrective buying overnight, while wheat saw continued selling pressure. The key for corn and soy will be strength on this morning’s open, as selling on the open has been the norm this week.

Wheat futures faced active followthrough selling overnight, while corn and soybeans favored the downside in two-sided trade.

Basis firmed for corn and soybeans as cash prices dropped.

After the Bell | May 29, 2024

Uncertain corn price benefits from carbon capture in ethanol industry | Bird flu strikes flock of 4.2 million chickens in Sioux County, Iowa

Corn, soybeans and wheat each favored the downside overnight in a continuation of Tuesday’s weakness. Prices are nearing the lower end of the recent sideways trading range in each crop.

Corn, soybeans and the winter wheat markets mildly favored the downside overnight.

HRW crop continues modest late-season improvement, while SRW crop is declining ahead of harvest.