After the Bell
Technical selling hovered over the grain and soy complexes, though soyoil futures extended from Tuesday’s lows, marking gains for the first time in five sessions.
Corn and soybean futures notched gains, while wheat consolidated lower amid lingering technical pressure.
Corn futures edged higher for the third straight session, though earlier gains across the grain and soy complexes faded as the U.S. dollar rose from its mid-morning low.
Technical headwinds and U.S. dollar strength weighed on wheat futures, which pulled corn and soybeans from intraday highs.
Corn soybeans and SRW wheat each notched weekly losses as technical pressure continues to curb buyer interest, though SRW futures notched a promising daily gain despite followthrough strength in the U.S. dollar.
Corn faced corrective selling following two days of gains, while soybeans ended the session modestly higher.
Corn and wheat posted modest short-covering gains at midweek, which stemmed from U.S. dollar weakness and a rally in crude oil futures. Soybeans ended mostly lower; seemingly caught in the crossfire of apparent spread trading in derivatives.
Corn and soybean futures posted modest corrective gains, while wheat edged lower amid technical selling.
The grain and soy complexes faced notable selling to begin the week as improving weather forecasts and technical selling weighed on prices.
Corn futures ended the session higher following a surprise cut to ending stocks in USDA’s supply and demand data today, while soybeans and wheat extended recent selling efforts.