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U.S. producer prices above expectations | Farm bill issue festers | Red Sea shipping diversions to linger

Corn and wheat faced selling pressure overnight while soybeans continued to show relative strength.

Weekly corn sales during the week ended March 7 totaled 1.28 MMT, up 16% from the previous week, while soybean and wheat sales each faded, down 39% and 69%, respectively. Wheat sales were at a marketing-year low.

Soybeans extended their recent corrective gains during the overnight session, while wheat traded lower and corn favored the downside in two-sided trade.

Basis slipped a little for corn, soybeans and SRW wheat as cash prices firmed.

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Corn, soybeans and wheat each pulled back from Tuesday’s gains overnight, continuing the norm of overnight weakness. Each is near pivotal resistance.