First Thing Today
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Wheat futures extended Wednesday’s losses overnight. Corn and soybeans posted two-sided trade, with corn weaker and soybeans firmer early this morning.
Corn futures faced light followthrough selling in overnight trade, while soybeans firmed. Wheat futures are mixed to mostly firmer this morning.
Overnight price action in the grain and soy markets was quiet and choppy.
Corn futures posted contract highs overnight, with front-month May futures poking above $8.00 – the 2013 high on the continuation chart that was matched earlier this year. Wheat and soybean futures were also strong.
Grain and soybean futures posted two-sided trade overnight, with wheat and corn narrowly mixed and soybeans under pressure this morning.
Winter wheat futures found strong followthrough buying in leading overnight gains in the grain and soy complex. December corn futures pushed to a contract high for a third straight session.
Wheat and corn futures were supported by solid followthrough buying from last week’s gains in overnight trade, while soybeans weakened.
Grain and soy complex futures held in narrow ranges in light trade overnight as traders await USDA’s April Supply & Demand Report later this morning.