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Biden to meet this afternoon with ag panel leaders re: new farm bill

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.

Strong rebound in most cash wheat prices.

Corn basis remains premium and well above average.

After the Bell | May 10, 2023

USDA will update its old-crop ending stocks, release its first 2023-24 balance sheets and issue its initial winter wheat crop estimate.

Black Sea Export Deal talks begin today, McCarthy notes no progress on debt ceiling and the DOE looks to refill SPR later this year...

China and others continue to take actions re: decreased use of U.S. dollar