First Thing Today
Corn and soybeans extended Monday’s losses during overnight trade, while wheat more than wiped out yesterday’s gains.
First Thing Today | August 22, 2022 Soybean futures post corrective gains overnight as market awaits Pro Farmer Crop Tour reports.
Wheat futures were supported by mild corrective buying overnight, while corn and soybeans pulled back from yesterday’s gains.
Active followthrough selling weighed on wheat overnight, while corn and soybeans faded amid spillover pressure and favorable weather forecasts.
Corn, soybean and wheat futures extended yesterday’s losses overnight but all three markets held above Monday’s lows.
Soybeans led a round of heavy, broad-based selling across the grain and soy markets overnight amid favorable weather, along with heightened Chinese tensions and economic concerns.
After two-sided trade earlier overnight, a weaker tone has developed in the grain and soy markets this morning, led lower by wheat.
Two-sided trade was seen in a relatively quiet overnight session, but corn, soybeans and wheat are firmer and near their session highs this morning.
Corn, soybean and wheat futures were boosted by followthrough buying during overnight trade.
USDA’s cuts to crop condition ratings Monday afternoon fueled buying in grain and soy markets overnight.
Wheat futures led losses in the grain markets overnight, while corn and soybeans posted lesser declines.