First Thing Today
Grain markets didn’t trade overnight and will resume trade at 8:30 a.m. CT. The U.S. dollar surged more than 1,000 points higher, making a new for-the-move high overnight.
Corn and wheat futures worked mildly higher overnight following Thursday’s sharp losses. Soybeans extended yesterday’s sharp loses.
Corn and wheat futures (aside from HRW) extended Wednesday’s losses overnight, while soybeans pulled back from recent gains.
The corn, soybean and winter wheat markets built on Tuesday’s strong gains overnight, while spring wheat firmed after small losses yesterday.
Corn and wheat futures posted strong gains on corrective buying overnight, while soybeans sharply extended Monday’s gains.
Corn futures traded lower throughout the overnight session, while soybeans and wheat rebounded from initial losses.
Grain futures rebound from sharp losses, big banks pass Fed stress tests, U.S. beef supplies up sharply.
Mounting recessionary concerns triggered heavy liquidation pressure in the grain and soy markets overnight.
Wheat was supported by corrective buying overnight though futures are well off the highs this morning. Soybeans faced active followthrough selling, while corn was modestly lower.
Grain and soy complex futures are under solid pressure coming out of the holiday weekend, led lower by sharp losses in soyoil.