First Thing Today
Grain and soybean futures firmed overnight amid followthrough buying as traders awaited USDA’s January crop reports later this morning.
Corn and soybeans firmed after initially trading lower overnight, while wheat futures favored the downside in two-sided price action.
Heavier selling pressure was seen in grain and soy futures overnight, especially the soybean and winter wheat markets, after disappointing finishes on Monday.
Soybeans and wheat mildly favored the upside in quiet overnight trade, while corn traded on both sides of unchanged.
Corn, soybeans and wheat were supported by corrective buying overnight after heavy selling pressure earlier this week.
Corn, soybeans and wheat firmed overnight amid mild corrective buying following sharp losses the first two trading sessions of the new year.
Soybeans were supported by corrective buying overnight, while corn and wheat faced followthrough selling.
Grain and livestock markets will reopen at 8:30 a.m. CT following the extended holiday weekend. Outside markets were price-negative, with crude oil weaker and the U.S. dollar sharply higher overnight.
Soybean futures continued their price surge overnight with front-month futures reaching their highest level on the continuation chart since Sept. 13. Corn and wheat traded in narrow ranges on either side of unchanged.
Concerns with surging Covid cases in China triggered risk aversion in markets overnight, including grain and soy futures.