Ahead of the Open
Grain bulls struggled to garner momentum overnight, though most trade is likely positioning ahead of today’s USDA reports.
Corn and soybeans saw buying overnight, bringing both markets on technical resistance into the break. SRW futures made a new contract low overnight, with wheat futures falling across the board.
Muted volatility was seen across the grain markets overnight, which is likely to continue until Tuesday’s Crop Production report.
Trading occurred both sides of unchanged overnight, but profit-taking was seen into the break as corn, beans and wheat are each lower.
Buying was seen across the grain markets overnight, follow-through buying after the break will be key in determining if buying is just a corrective bounce or if an interim low could be in place.
Corn and soybeans are expected to open with a weaker tone coming out of the holiday weekend, while wheat is likely to be mixed.
Grain and soy futures are expected to open with a firmer tone to start the new month after corrective gains overnight.
Corn is expected to open modestly higher on light corrective buying, while soybeans and wheat are likely to face price pressure.
Corn, soybeans and the winter wheat markets are expected to open higher amid light corrective buying.
Grain and soy futures are expected to open lower, with the exception of spring wheat.