After overnight profit-taking emerged following Thursday surge by grains to 8-year highs, grains have rebounded from overnight lows with soybeans leading the recovery.
Corn & soybean futures have soared to fresh contract & multi-year highs on Tuesday morning & wheat has rallied as well as freezing temps in the Midwest & dry weather in the US northern Plains, the Canadian Prairies, Europe & Brazil have sparked crop supply worries.
Corn was mixed & soybean & wheat futures again climbed higher on Thursday as weather & tight supplies continue to underpin prices.
Corn & wheat turned higher by late Wednesday morning, but beans remained on the defensive,as soyoil futures gave back Tuesday's gains.
Old-crop beans reversed to sharp losses, dragging old-crop corn down in post-report, pre-holiday trading, but new-crop corn & beans stay higher as Mr. Markets attempts to attract more 2021 plantings. Wheat ends lower, giving back some of the strength it borrowed from corn & beans on Wednesday.
Corn & beans close lower as traders position for Wednesday's USDA reports, but wheat rebounds as funds pare short positions ahead of that data.
Grains turn lower on Thursday as crude oil plunges, the dollar rises to a 4-month high & global grain production forecasts rise, prompting fund liqudation ahead of next week's USDA reports.
Soybeans are higher on soy product strength, but corn has faded on disappointment for the weekly ethanol report & wheat has resumed its downtrend on solid Northern Hemisphere wheat production prospects.
Corn is lower, but soybeans & wheat are mixed on Monday. Solid weekly export inspections for all but grain sorghum have provided support, but positioning for next week's USDA reports is a major factor, too.
Corn & soybean futures are retracing Thursday's sell-off, but wheat has remained under pressure on Friday as wheat production prospects in the Norhtern Hemisphere appear to have improved with recent rainfall.