Ahead of the Open
Corn opened lower overnight but have since bounced and are well off session lows.
Soybeans led weakness overnight as prices broke down out of the sideways pattern that limited price action most of this week.
China buys meaningful amount of U.S. corn for first time in over a year.
Soybeans led corrective strength overnight, corn pivoted near unchanged and wheat saw relative weakness, giving up a portion of recent losses.
Corn, soybeans and wheat each saw weakness early in the overnight session.
Wheat saw relative strength overnight while corn and soybeans gapped lower and faced followthrough selling.
Corn and soybean futures are poised to post strong weekly gains.
Weekly export sales were light, especially for old-crop corn.
Forecasts now signal hotter and drier conditions for late in the weekend and early next week.
Mostly favorable conditions for summer crop development are expected to continue for at least the next 10 days.