First Thing Today
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.
December HRW and December HRS futures posted new contract highs overnight.
Wheat futures followed the European market higher overnight, with December HRS wheat scoring a new contract high.
Soybean led the price pullback overnight after recent, strong gains.
Corn, soybean and winter wheat futures extended Thursday’s corrective gains overnight, while HRS futures posted new contract highs for the sixth time in the last eight trading sessions.
China raises minimum purchasing price for wheat for first time since 2014. Attaché lowers forecast for Argentine soybean plantings. Is inflation transitory or structural? UAW has called a strike against Deere & Co.
Chinese bean buying slows in September. Certified acreage data release delayed. Americans quit their jobs at a record clip in August. Atlanta Fed chief says U.S. jobs slowdown should not derail taper timeline.