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Wheat led strength overnight though corn and soybeans showed remarkable strength as well, both surging near the early September highs.
Wheat futures firmed overnight amid global supply concerns and rising tensions in the Black Sea region, while corn and soybeans built on Thursday’s gains.
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USDA unexpectedly raised its corn crop estimate, trimmed the soybean forecast.
USDA bumped the corn yield by 0.5 bu. per acre from its August estimate, while the soybean estimate was unchanged 53.2 bu. per acre.
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While corn sales proved lackluster, net soybeans sales were notable at 1.47 MMT, though both corn and soybean sales are notably trailing the same period a year-ago.
Wheat continues to show relative strength, helping pull both corn and beans higher in the overnight session. Modest selling pulled corn and beans off overnight highs into the break.
Wheat futures led followthrough buying in the grain and soy markets during the overnight session.
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Corn and soybeans recouped a portion of Tuesday’s losses overnight, while wheat saw continued strength.
Corn and soybean futures rebounded from Tuesday’s losses, while wheat showed followthrough price strength during the overnight session.