Active followthrough selling weighed on wheat overnight, while corn and soybeans faded amid spillover pressure and favorable weather forecasts.
Corn, soybean and wheat futures extended yesterday’s losses overnight but all three markets held above Monday’s lows.
Soybeans led a round of heavy, broad-based selling across the grain and soy markets overnight amid favorable weather, along with heightened Chinese tensions and economic concerns.
After two-sided trade earlier overnight, a weaker tone has developed in the grain and soy markets this morning, led lower by wheat.
Two-sided trade was seen in a relatively quiet overnight session, but corn, soybeans and wheat are firmer and near their session highs this morning.
Corn, soybean and wheat futures were boosted by followthrough buying during overnight trade.
USDA’s cuts to crop condition ratings Monday afternoon fueled buying in grain and soy markets overnight.
Wheat futures led losses in the grain markets overnight, while corn and soybeans posted lesser declines.
After failing to find sustained followthrough from Thursday’s gains early in the overnight session, corn, soybean and wheat futures faded.