First Thing Today
Forecasts call for multiple rain chances for the Plains and Midwest into mid-July, with central and southern areas expected to be the wettest.
Soybean futures aggressively extended Friday’s price rally during overnight trade. Corn followed to the upside, while wheat traded mixed.
Corn, soybean and wheat futures firmed amid corrective buying during the overnight session as traders await USDA’s reports later this morning.
Corn, soybeans and wheat posted two-sided trade overnight as markets calmed from recent volatile price action.
Soybeans, wheat and new-crop corn futures faced followthrough selling overnight, while July corn futures pivoted around unchanged.
Despite sharper-than-expected declines in corn and soybean crop condition ratings, those markets traded sharply lower overnight amid forecasts for improved rain chances. Wheat also traded sharply lower overnight.
Wheat futures posted strong gains overnight amid global supply concerns given the political instability in Russia. Soybeans have firmed this morning while corn is mixed.
Corn and soybean futures faced active followthrough selling amid forecasts calling for improved rain chances for the Corn Belt. Wheat futures actively followed to the downside.
Corn, soybean and wheat futures pulled back from recent strong gains overnight, while soyoil faced heavy followthrough selling after yesterday’s limit-down performance.
Plunging crop condition ratings and dryness concerns fueled strong gains in corn, soybean and spring wheat futures overnight. Winter wheat futures actively followed to the upside.