First Thing Today
Corn futures extended their gains but failed to clear yesterday’s highs. Wheat futures were mostly firmer overnight
Spring wheat futures led overnight gains in light trade ahead of USDA’s November crop reports later this morning.
Grain and soy complex futures posted quiet, two-sided trade overnight as traders start to prepare for Tuesday’s November crop reports from USDA.
Corn and wheat futures are posting mild corrective gains early this morning.
Corn and wheat futures halted their corrective pullbacks from the two previous days overnight, but soybeans extended Wednesday’s declines.
Spring wheat futures led gains in the grain and soy complex overnight.
Spillover from surging wheat futures supported corn overnight, while soybeans faded.
Corn and soybeans modestly extended this week’s price gains overnight but didn’t take out Thursday’s highs.
No clear price tone developed overnight as grain and soy futures held in tight trading ranges.
Commodity markets faced pressure overnight on renewed macroeconomic concerns amid new Covid outbreaks in China with grain and soy futures pressured by the broad-based selling.