First Thing Today
Corn and soybean futures failed to build on Monday’s gains and traded lower overnight, while wheat had a mixed tone.
After failing to find sustained followthrough from Thursday’s gains early in the overnight session, corn, soybean and wheat futures faded.
Two-sided trade was seen in the grain and soy markets overnight, with corn and soybeans mildly weaker and wheat favoring the upside this morning
Grains faced followthrough selling early in the overnight session, but markets are higher this morning amid corrective buying, led by wheat.
Soybeans fell below Monday’s lows overnight, while corn held that support and wheat pivoted around yesterday’s lows.
Corn and wheat futures were pressured overnight by news the first ship carrying Ukrainian grain left the port of Odesa.
Soybean futures sharply extended this week’s price surge overnight amid forecasts calling for hot and dry conditions in early August. Corn and wheat also posted strong gains.
Corn and soybean futures were supported by followthrough buying overnight amid forecasts calling for hot and dry conditions next week, while wheat rebounded from Wednesday’s losses.
Grain and soybean futures posted two-sided trade overnight but are higher and trading near session highs this morning.
Corn and soybean futures gapped higher overnight after USDA’s crop condition ratings dropped more than expected. Wheat futures followed to the upside.
Wheat futures faced heavy selling overnight, while corn extended this week’s sharp losses amid reports a deal to restart Ukrainian grain exports will be signed today.