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Corn price outlook shows potential of $3.50 to $3.75 as farmers hold a lot of stocks
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Corrective buying was featured across the grain and soy markets overnight, with each going into the break near session highs.
Soymeal sales fell 75% from the previous week, while beef sales dropped 46%.
Corrective buying in grains overnight.
Corn and soybean basis firmed as cash prices dropped.
Soybeans and wheat led the grain and soy complexes lower, while hog futures closed sharply lower amid cash market pessimism.
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Corn and wheat saw relative weakness overnight, erasing Tuesday’s corrective gains. Soybeans saw followthrough selling much of the overnight session though saw an increase in buying interest this morning and went into the break nearer session highs.