Corn and wheat futures were supported by followthrough buying overnight after strong gains on Tuesday, while the soybean market extended yesterday’s declines.
Corn and winter wheat futures extended losses from the two previous days overnight, while soybeans turned mixed this morning after facing pressure earlier in the session.
Corn, soybean and wheat futures showed mild followthrough selling during most of the overnight session, but price action has turned narrowly mixed early this morning.
Heavier selling pressure was seen in grain and soy futures overnight, especially the soybean and winter wheat markets, after disappointing finishes on Monday.
Grain and livestock markets will reopen at 8:30 a.m. CT following the extended holiday weekend. Outside markets were price-negative, with crude oil weaker and the U.S. dollar sharply higher overnight.
Soybean futures continued their price surge overnight with front-month futures reaching their highest level on the continuation chart since Sept. 13. Corn and wheat traded in narrow ranges on either side of unchanged.
Soybeans built on Tuesday’s gains overnight but failed to get near yesterday’s highs. Corn and wheat futures held in tight trading ranges in thin trade.
Soybeans traded higher but within Tuesday’s range, while soymeal futures posted new highs. Wheat futures were supported by mild corrective buying, while corn posted light, two-sided trade overnight.
Corn, soybean and wheat futures sharply extended Wednesday’s losses overnight on news the Black Sea grain export deal was extended and pressure from outside markets.
Grain markets faced pressure overnight and are trading near session lows this morning as the war escalation concerns that fueled gains late Tuesday have eased.