Ahead of the Open
Corn, soybeans and wheat each gave up some of Thursday’s gain overnight.
Grains favored a risk-on tone overnight with corn and wheat rebounding from recent losses.
Corn futures continue to lead weakness, falling below technical support in overnight trade.
Wheat led strength overnight following peace talks around the Black Sea falling apart.
Corn, soybeans and wheat are each consolidating on the daily bar chart.
Corn and wheat broke below yesterday’s low overnight, a key moving technical benchmark that had capped the downside over the past couple weeks.
In corn and beans, each pullback over the last couple weeks has been limited by the prior day’s low, which remains a key benchmark in the ongoing steep uptrends.
Corn, soybeans and wheat each hit a fresh contract high overnight, but have since encountered staunch resistance.
Grains pull back from contract highs in consolidative trade.
Corn and soybeans reversed Thursday’s losses and surged to fresh contract highs.