Two-sided trade was seen in a relatively quiet overnight session, but corn, soybeans and wheat are firmer and near their session highs this morning.
Soybean futures sharply extended this week’s price surge overnight amid forecasts calling for hot and dry conditions in early August. Corn and wheat also posted strong gains.
Corn and soybean futures were supported by followthrough buying overnight amid forecasts calling for hot and dry conditions next week, while wheat rebounded from Wednesday’s losses.
Grain and soybean futures posted two-sided trade overnight but are higher and trading near session highs this morning.
Corn and soybean futures gapped higher overnight after USDA’s crop condition ratings dropped more than expected. Wheat futures followed to the upside.
Wheat futures faced heavy selling overnight, while corn extended this week’s sharp losses amid reports a deal to restart Ukrainian grain exports will be signed today.
Corn and soybean futures extended losses from the two previous days overnight. Wheat futures also weakened.
Wheat futures posted strong gains overnight, while soybeans faced followthrough selling, though they are well off their lows this morning. Corn was caught in the middle.
Corn futures more than wiped out Monday’s gains overnight, while soybeans and wheat gave back a portion of yesterday’s price strength.