Ahead of the Open
Positioning drove trade overnight ahead of USDA’s reports later this morning.
Pre-report positioning is beginning to drive trade ahead of Friday’s Crop Production and Supply and Demand reports.
Profit-taking was seen across the grain complex overnight while soybeans held onto most of yesterday’s gains.
After lackadaisical followthrough during yesterday’s session, bulls showed up again overnight, bringing corn, soybeans and wheat near key resistance.
Corn, soybeans and wheat each favored the upside in overnight trade, rebounding from last week’s losses.
Corn and soybeans favored the downside overnight while wheat saw relative strength.
Corn and wheat rose on corrective buying overnight while soybeans saw modest selling pressure
Corn, soybeans and wheat each favored the upside in overnight trade.
Corn and soybeans saw an impressive bounce overnight on corrective strength.
Soybeans led losses from a lack of further Chinese commitments