We expect followthrough selling from overnight trade to be seen in the grain and soy markets this morning. Key will be whether funds actively liquidate long positions or view the pullback as a fresh buying opportunity.
Weekly export inspections for week ended Jan. 26, showed corn inspections 200,860 MT below the previous week, missing low-end estimates by over 70,000 MT. Wheat and soybean export inspections were each notable.
Corn, soybeans and wheat are expected to open with a firmer tone on followthrough from overnight gains, along with supportive weekly export sales data and strength in crude oil.
USDA's weekly export data for week ended Jan. 19 showed wheat sales up 6% from the previous week and 84% from the prior four-week average. Net soybean sales were up 53% from the four-week average, while corn was up 46%.
Germany, Poland and others will send tanks to Ukraine, USDA will release Cold Storage Report this afternoon and McCarthy will meet with Biden ahead of the State of the Union Address...
Corn and wheat futures were supported by followthrough buying overnight after strong gains on Tuesday, while the soybean market extended yesterday’s declines.