First Thing Today
Corn, soybean and wheat futures are trading near session lows this morning as markets extend Tuesday’s weaker (and low-range) closes.
March soybean futures reached the highest level overnight since mid-July, as the strong rally was extended.
Corn, soybean and wheat futures extended their recent rallies overnight as traders returned from the extended Christmas holiday weekend.
Grain and soy futures posted light, two-sided trade overnight in thin pre-holiday price action.
Soybean futures extended Tuesday’s strong rally overnight, while old-crop corn futures finally topped the $6 level after nearly two months of trying to get above that psychological mark.
Price action in grain and soy futures was relatively quiet in two-sided trade overnight.
Corn, soybean and wheat futures were unable to sustain initial strength overnight and are trading near session lows this morning as the overall marketplace adopted a general risk-off stance.
Soybeans and wheat found mild followthrough buying overnight, while buying was restricted in corn and spring wheat.
Soy complex futures strengthened overnight after initially trading lower, which supported corn. Wheat futures tried to rebound from Wednesday’s sharp losses, but buyer interest proved limited.
Selling in the wheat market overnight pulled corn lower, while soybeans were supported by strength in soymeal.