News
Weekly corn sales during the week ended April 4 dropped sharply missing pre-report expectations by a notable 425,000 MT. Meanwhile, soybean and wheat sales were within their respective pre-report range.
Corn showed relative strength overnight while soybeans and wheat favored the downside.
Corn, soybeans and wheat held in tight ranges during relatively quiet overnight trade ahead of USDA’s April crop reports later this morning.
Cash corn and soybean prices inch up but still well below year-ago.
Corn basis turns positive but still below average.
Market now reflects the highest odds are for the first rate cut in September.
Wheat led strength overnight with corn following to the upside, while soybeans saw relative weakness.
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Grain and soy futures firmed amid corrective buying overnight, led by HRW wheat contracts.