First Thing Today
Wheat futures firmed amid followthrough buying overnight, while soybeans pulled back and corn was caught in the middle.
Wheat futures posted strong gains overnight coming off the extended holiday weekend amid ongoing Russian crop concerns. Corn followed to the upside, while soybeans slumped after a firmer start.
Corn, soybeans and wheat held in relatively tight trading ranges during a quiet overnight session.
Grain markets posted two-sided price action in relatively quiet overnight trade.
Front-month SRW wheat futures rallied to the highest price since early August during overnight trade, pulling corn and soybeans higher.
Grain and soy futures pulled back from Monday’s strong gains overnight, with soybeans and soyoil facing the heaviest pressure.
Wheat futures rebounded from the poor finish last Friday by posting strong gains during the overnight session. Corn and soybeans followed to the upside.
Grain futures are expected to open with a firmer tone after gains overnight. Key will be whether overnight price strength is maintained during daytime trade.
Soybeans firmed to near their weekly highs overnight, while corn and wheat recouped some of their declines from the three previous days.
Wheat rebounded from yesterday’s losses overnight, pulling corn and soybean futures modestly higher.
Corn, soybeans and wheat rebounded from Tuesday’s losses during the overnight session, led by gains in wheat.