Ahead of the Open
December corn futures are trading lower for the fifth consecutive session.
China continues to add to hefty soy purchases.
Soybeans hit a fresh for-the-move low overnight before finding some corrective strength.
Markets are still reeling from the fresh data in Friday’s report.
Corn futures rise modestly off Friday’s reactionary low.
Positioning drove trade overnight ahead of USDA’s reports later this morning.
Pre-report positioning is beginning to drive trade ahead of Friday’s Crop Production and Supply and Demand reports.
Profit-taking was seen across the grain complex overnight while soybeans held onto most of yesterday’s gains.
After lackadaisical followthrough during yesterday’s session, bulls showed up again overnight, bringing corn, soybeans and wheat near key resistance.