First Thing Today
Corn and soybeans firmed after failing to take out Wednesday’s lows overnight. Wheat futures gapped lower but rebounded to fill the gaps and are trading mostly firmer this morning.
Wheat futures traded sharply lower overnight, which pulled the corn market lower. Soybeans, along with meal and soyoil traded higher.
Wheat futures traded higher but have come well off their overnight highs this morning, while corn and soybeans faced followthrough selling.
Corn, soybeans and wheat are weaker this morning and trading near session lows. Soyoil futures are under heavy pressure, but soymeal is firmer.
Volatility was reduced from recent days in grain and soy complex futures overnight, as corn, soybeans and wheat all traded within relatively tight ranges compared to recent standards.
Wheat futures gapped lower overnight after limit-down closes on Wednesday and sharply extended losses. But wheat filled the gaps and is trading higher this morning, as are corn and soybeans.
Winter wheat futures traded sharply lower overnight but generally held above Tuesday’s lows. Soy complex futures traded sharply higher. Corn mildly favored the downside.
May SRW wheat is higher this morning after extremely volatile trade overnight, but other wheat contracts and corn are lower. Soybeans are firmer.
The most actively traded winter wheat contracts are up their new 85-cent daily trading limit, while May and July spring wheat futures are up their 60-cent limit. Corn and soy complex futures are also sharply higher.
Winter wheat futures locked up their 75-cent daily trading limit overnight, while spring wheat rose its 60-cent limit. Corn traded sharply higher, while soybeans posted just slight gains.