Grain and soybean futures are expected to open higher after seeing corrective buying overnight in the wake of slightly lower-than-expected weekly USDA crop ratings.
Grain and soybean futures may face followthrough pressure at today’s open after plunging to multi-month lows late last week amid improving weather prospects for the Midwest.
Corn and soybean futures rose overnight following weaker than expected USDA ratings that indicated crops were under stress from recent Midwest heat and dryness. Wheat climbed in a continued corrective bounce.
Economists surveyed by the Wall Street Journal (WSJ) put the probability of the economy being in recession sometime in the next 12 months at 44%, up from 28% in April and 18% in January.