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Cash corn prices firm a little, while soybean prices ease.

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

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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

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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.