Ahead of the Open
Corn, soybeans and wheat each favored the upside in overnight trade, with buying efforts intensifying this morning.
Soybeans led the grain and soy markets lower overnight as May soybeans trade fresh contract lows. Export sales rebounded for corn and wheat but remain abysmal for soybeans, according to this morning’s report.
Corn futures showed relative strength overnight, soybeans pivoted near unchanged and wheat gave up a significant portion of Tuesday’s gains.
Soybeans led the way higher overnight as soybeans, corn and wheat each saw gains into the break. Each is nearing 10-day moving average resistance, which will be the first real test of the recent bounces.
Corn futures fell to fresh contract lows overnight, dragging wheat lower as well. Soybeans fell to contract lows though saw corrective buying into the break.
Corn and soybeans gave up early corrective gains overnight, though wheat holds onto marginal gains. Weak export sales across the board helped spur selling pressure this morning.
Wheat showed relative strength overnight while soybeans led weakness, leaving corn caught between the two.
Soybeans continue to lead the grain and soy markets, driving prices lower overnight.
Soybeans continued Friday’s strength overnight, leading corn and wheat to corrective gains as well.
Corn and soybeans saw corrective buying most of the overnight session, though sellers resurfaced into the break. Wheat futures continue to fall under heavy selling pressure.
Selling persisted throughout the grain market overnight as corn, soybeans and wheat continue to trade on recent lows. Persistent impressive sales and falling projected acres did little to boost corn prices.