After the Bell
Corn and wheat posted modest short-covering gains at midweek, which stemmed from U.S. dollar weakness and a rally in crude oil futures. Soybeans ended mostly lower; seemingly caught in the crossfire of apparent spread trading in derivatives.
Corn and soybean futures posted modest corrective gains, while wheat edged lower amid technical selling.
Corn futures ended the session higher following a surprise cut to ending stocks in USDA’s supply and demand data today, while soybeans and wheat extended recent selling efforts.
U.S. dollar weakness, in the wake of a lower June CPI reading, spurred modest short-covering ahead of USDA’s supply and demand update on Friday.
Soybeans and wheat led the grain and soy complexes lower, while hog futures closed sharply lower amid cash market pessimism.
Corn and wheat posted mild corrective gains, while soybeans extended lower amid heavy selling in soyoil.
Corn, soybeans and wheat each posted strong gains to end the week while livestock markets ended the day mixed in light volume trade.
The livestock markets rebounded from Monday’s losses today. Corn and soybeans saw modest gains but closed off session highs. Wheat and cotton continue to face selling pressure.