Corn, soybeans and wheat favored the upside in early overnight trade, though sellers emerged early this morning, bringing corn and soybeans below yesterday’s close.
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.
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.
Soybeans continue to show relative strength with steady gains overnight, and corn futures saw strength into the break as well. Wheat futures traded higher overnight but still maintain a tight trading range.
Corn and wheat saw relatively quiet action overnight with corn going into the break at session highs. Soybean futures saw relative weakness, though saw some strength into the break.
Corn and soybeans both gapped higher overnight, but corn futures struggled to sustain gains. Beans remained strong throughout the overnight session while wheat futures gapped higher but have trended lower since.
We expect widely varied trade in the grain and soy markets this morning amid pressure from weather and support from escalating tensions in the Black Sea region.
Corn and wheat futures are expected to open higher amid Black Sea supply concerns after Russia attacked a Ukrainian port on the Danube River. Soybeans are expected to open lower on forecasts for improved weather.