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During the week ended May 9, weekly pork sales totaled 21,100 MT, a marketing-year low, while soybean sales missed the pre-report range of estimates, falling 38% from the previous week. Weekly corn sales dropped 17%.

Cash wheat prices continue to climb.

Drought covers 25% of winter wheat areas, 12% for corn and 9% for soybeans.

Wheat futures led resurgent strength across the grain and soy markets overnight.

Wheat rebounded from yesterday’s losses overnight, pulling corn and soybean futures modestly higher.

Basis weakened slightly for corn, soybeans and wheat.

After the Bell | May 15, 2024

Copper surge | IEA cuts 2024 global oil demand growth | Presidential debates | New farm bill

Corn, soybeans and wheat each rebounded from Tuesday’s selling pressure, with wheat leading the way higher overnight.