First Thing Today
Corn, soybeans and wheat traded on both sides of unchanged in a relatively light overnight session as traders await USDA’s reports later this morning.
All three markets are poised for sharp losses for the week.
U.S. dollar index falls to lowest level since February as President Trump eyes early Fed chair announcement.
Corn futures posted contract lows amid continued selling.
Oil prices extended Monday’s sharp retreat as fears of supply disruptions from the Middle East conflict eased.
Corn, soybeans and wheat mostly favored the downside during the overnight session.
The broader marketplace is monitoring escalating tensions in the Middle East and awaits Fed commentary and other macroeconomic developments.
Soyoil futures extended Friday’s strong gains that were tied to EPA’s proposed biodiesel mandate.
Israel strikes Iran, triggering oil supply concerns and surge in crude oil futures.
USDA’s June Crop Production and WASDE Reports are expected to show just modest changes from last month.