Ahead of the Open
Soybeans saw relative strength overnight, led by strength in meal, though failed to break above recent highs.
Overnight losses wiped out a majority of Monday’s gains
Wheat breaks out on news from China interest
Near-term profit taking set to weigh on grain market
Treasury secretary says Beijing to buy 12 million metric tons of soybeans ‘this season’
Soybeans continue to lead strength on hopes of clarity regarding China on trade.
Soybeans surged higher overnight on hopes of a trade deal with China, with details coming later this week as President Trump and Chinese President Xi meet in South Korea.
Consolidation was seen across the grain and oilseed complex overnight following big gains on Thursday.
Soybeans continue to lead strength, which will be difficult to continue without participation from corn and wheat in the next couple days.
Corn, soybeans and wheat saw strength in the latter portion of the overnight session and went into the break trading higher.