First Thing Today
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.
Two-sided trade was seen in the grain and soy markets overnight, with corn and soybeans mildly weaker and wheat favoring the upside this morning
Grains faced followthrough selling early in the overnight session, but markets are higher this morning amid corrective buying, led by wheat.
Soybeans fell below Monday’s lows overnight, while corn held that support and wheat pivoted around yesterday’s lows.