Ahead of the Open
Soybeans are expected to open with a firmer tone. Corn and wheat are expected to open mixed.
The mostly firmer tone overnight is expected to carry over to daytime trade as traders await USDA’s reports later this morning.
Rather directionless trade is expected this morning as traders prepare for Wednesday’s USDA reports.
Mixed trade is expected in the grain and soy markets this morning as traders monitor the U.S./China situation and prepare for USDA’s February crop reports on Wednesday.
Grain and soy futures traded lower overnight, with late pressure from a surge in the U.S. dollar after the much stronger-than-expected January jobs data. We expect the weaker tone to continue early this morning.
Corn, soybeans and wheat are expected to open higher. Weekly sales were strong for corn, at the lower end of expectations for soybeans and poor for wheat.
Mixed, two-sided price action is likely in grain and soy futures to kick off the new month.
We expect followthrough selling from overnight trade to be seen in the grain and soy markets this morning. Key will be whether funds actively liquidate long positions or view the pullback as a fresh buying opportunity.
Grain and soy markets are expected to see followthrough buying from price gains overnight amid weather concerns.
Corn, soybeans and wheat dropped at the end of the overnight session, prompting calls for a weaker start this morning.