First Thing Today
Argentina slashes wheat crop forecast, rail labor negotiations continue and watchers expect lower than year-ago numbers in Cattle on Feed Report...
Corn futures built on Thursday’s late corrective rebound during overnight trade, while soybean and wheat also firmed on short-covering.
Corn, soybean and wheat futures sharply extended Wednesday’s losses overnight on news the Black Sea grain export deal was extended and pressure from outside markets.
Grain markets faced pressure overnight and are trading near session lows this morning as the war escalation concerns that fueled gains late Tuesday have eased.
Wheat futures led overnight price declines in the grain markets on hopes of an extension to the Black Sea grain export deal.
Corn and soybean futures were pressured by outside markets and a surge in Chinese Covid cases. Wheat futures traded mixed overnight.
Soy complex futures led a wave of strong corrective buying overnight on support from outside markets and stronger risk appetite as China eased its Covid regulations.
Corn and soybean futures are lower and near their session lows this morning after two-side trade overnight. Wheat futures are mixed.
Corn, soybeans and wheat swung to both sides of unchanged in a lightly traded overnight session but are mostly weaker this morning.
Corn, soybeans and wheat favored the downside in quiet, two-sided trade overnight, though seller interest has picked up early this morning with futures trading near session lows.