First Thing Today
Corn and soybean futures gapped higher overnight after USDA’s crop condition ratings dropped more than expected. Wheat futures followed to the upside.
Wheat futures faced heavy selling overnight, while corn extended this week’s sharp losses amid reports a deal to restart Ukrainian grain exports will be signed today.
Corn and soybean futures extended losses from the two previous days overnight. Wheat futures also weakened.
Wheat futures posted strong gains overnight, while soybeans faced followthrough selling, though they are well off their lows this morning. Corn was caught in the middle.
Corn futures more than wiped out Monday’s gains overnight, while soybeans and wheat gave back a portion of yesterday’s price strength.
Corn, soybeans and wheat all traded solidly higher overnight amid a round of corrective buying.
Modest corrective buying was seen in the corn, soybean and wheat markets overnight as traders continued to monitor weather and macroeconomics.
Overnight price action was two-sided and relatively quiet, though corn, soybeans and winter wheat all lower and near session lows this morning.
Two-sided trade was seen in the grain and soy markets overnight, with corn and wheat firmer this morning while soybeans is modestly weaker.
Corn, soybean and wheat futures faced heavy pressure overnight after initially trying to work to the upside.