Ahead of the Open
Persistent selling continues across the grain and soy markets, with corn leading the way lower overnight, marking a fresh contract low.
Wheat continues to lead weakness following last week’s peak, while corn and soybeans followed to the downside.
Soybeans saw strength to start the overnight session but have since faded lower.
Corn and soybeans favored the upside overnight, which wheat saw profit-taking following Wednesday’s big push higher.
Wheat saw relative strength, soybeans consolidated near recent highs and corn saw moderate weakness overnight.
Winter wheat saw relative strength overnight which helped pull new-crop corn futures higher.
Grains saw relative weakness overnight while soybeans were supported by robust followthrough gains in soyoil following Friday’s limit higher close.
Corn, soybeans and wheat each traded higher early in the overnight session, supported by strength in the overall commodity marketplace as Israel launched a widespread attack against Iran.
Corn, soybeans and wheat each favored the downside early in the overnight session but saw an increase in buying interest this morning.
Corn and wheat led strength overnight, while soybeans are challenging key technical resistance.