First Thing Today
Grain and energy markets had a big price response overnight to escalating tensions between Russia and Ukraine as U.S. markets reopened following the three-day weekend.
Old-crop soybeans poked above $16 overnight, but key is whether there’s sustained buying above that level – something that hasn’t happened the two previous times.
Buyer interest built throughout the overnight session in the soybean and soymeal markets and futures are trading near session highs this morning.
Soybeans regained most of Tuesday’s losses overnight, while corn and wheat recouped only a fraction of their declines.
Soybeans extended Monday’s declines overnight, while the winter wheat markets were pressured by an apparent easing of tensions between Russia and Ukraine. Corn followed the other two markets lower.
Soybeans started firmer overnight but buyer interest dried up and selling pressure mounted, with futures near session lows this morning. Corn followed soybeans lower, while wheat mildly firmed.
Soybeans are higher this morning after there was limited followthrough selling from Thursday’s poor closes early in the overnight session. Corn and wheat are following soybeans higher.
Soybean futures continued their strong rally, with most old-crop contracts surging above $16 overnight. Corn and wheat followed soybeans higher.
Old-crop soybean futures recouped Tuesday’s corrective losses overnight, while new-crop November futures pushed to a new contract high.
Grain and soybean futures pulled back from Monday’s gains in corrective trade overnight on profit-taking and pressure from outside markets.