Ahead of the Open
Wheat futures led overnight weakness, though corn recovered to unchanged at the break. Soybeans recovered from overnight lows but are still facing losses.
Overnight trade was fairly quiet, though corn and beans went into the break on the lows, while wheat is showing relative strength near unchanged.
Action was mixed overnight in grains but corn, soybeans and wheat each saw selling pressure into the break.
Grains were mixed overnight, though all finished higher into the break. Wheat led the way higher amidst short covering.
Grain bulls struggled to garner momentum overnight, though most trade is likely positioning ahead of today’s USDA reports.
Corn and soybeans saw buying overnight, bringing both markets on technical resistance into the break. SRW futures made a new contract low overnight, with wheat futures falling across the board.
Muted volatility was seen across the grain markets overnight, which is likely to continue until Tuesday’s Crop Production report.
Trading occurred both sides of unchanged overnight, but profit-taking was seen into the break as corn, beans and wheat are each lower.
Buying was seen across the grain markets overnight, follow-through buying after the break will be key in determining if buying is just a corrective bounce or if an interim low could be in place.
Soybeans showed relative strength overnight and carried corn futures higher into the break. Wheat futures continue to fall under pressure.