Grains have added to overnight strength on Tuesday with wheat up on weather concerns & soybeans showing renewed strength following record-high January soybean crush activity.
Grains set post-report lows early in Wednesday night's session & rebounded on Thursday as weekly export sales were again strong & Brazilian corn & soybean upward revisions were modest.
Grains reversed pre-report gains following the release of USDA's supply-demand revisions on Tuesday. Follow-thru losses were seen on Tuesday night.
Corn & soybeans added to Monday's steep rallies on Monday night, but wheat gave back some of Monday's rally in overnight trading. Final positioning for Tuesday's 11 am WASDE revisions should dominate Tuesday morning pre-report trading.
Corn & soybeans ended mixed on Friday with new-crop gaining on old-crop, & wheat was higher as traders positioned for Tuesday's USDA reports.
A 2-month-higth in the US dollar offset well anticipated strong weekly export sales to send grains to a mixed close. USDA reported that cumulative corn & soy/bean export sales are record-high!
Grains test & find support at 5-day lows, unleashing chart-based buying on Wednesday.
Corn led soybeans & wheat higher on Friday as a drier South American weather forecast & reports of additional huge corn sales to China sparked end-month buying. Grains settled with their highest end-January closing prices since 2013. Please note our special soybean export, carryover & price analysis comparisons to similar situations from 2012/13 & 2013/14.
After trading lower on Sunday night, grains recovered about half of Friday's losses on Monday with gains accelerating after the 10 am release of USDA's Weekly Grain Export Inspections data.
Grains followed thru after Tuesday's post-weekend sell-off, but settled far above their overnight lows after bouncing from the chart support that developed ahead of last week's USDA reports.