First Thing Today
Wheat futures traded solidly higher coming out of the extended holiday weekend, while corn favored the downside and soybeans traded mixed.
Corn and soybeans faced modest followthrough selling overnight, while wheat futures favored the upside in corrective trade.
Wheat futures led losses as grain and soy futures extended this week’s declines overnight.
Wheat futures were supported overnight by the bigger-than-expected decline in crop condition ratings, while corn and soybeans faced mild selling pressure.
Corn, soybeans and wheat posted active followthrough buying overnight on help from surging crude oil futures.
Price action was relatively quiet in the grain and soy markets overnight as traders await key USDA report data later this morning.
Price action was light and two-sided overnight, but a mostly firmer tone has developed this morning.
Wheat futures extended their recent corrective gains overnight. Corn followed to the upside while soybeans pivoted around unchanged.
Soybeans extended Monday’s strong gains overnight, while corn modestly pulled back and wheat traded narrowly on both sides of unchanged.
Soybeans mildly built on Friday’s corrective gains during overnight trade while the corn and wheat markets pulled back.