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Corn futures led strength overnight, pulling wheat higher. Soybeans pivoted near unchanged most of the overnight session, though showed strength into the break.
Market focus will remain on U.S. and global weather as traders await acreage and grain stocks data at the end of June.
USDA pegged winter wheat production at 1.875 billion bu., just below expectations along with new-crop wheat U.S. ending stocks. However, U.S. and global corn and soybean ending stocks were above pre-report estimates.
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Wheat led weakness overnight, facing persistent selling pressure. Corn and soybeans traded higher, though continue to trade largely sideways ahead of today’s USDA reports.
Corn and soybeans modestly rebounded from Tuesday’s losses overnight, while wheat pulled back from its corrective gains yesterday.
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Corn and wheat saw modest strength overnight while soybeans saw mild selling pressure. Wheat futures have closed lower for nine consecutive sessions, a break from that weakness could support corn and soy after the open.
Corn, soybeans and wheat held in tight trading ranges during light, two-sided overnight price action.