Soybean Futures Extend Rally

Soybean futures extend rally following smaller USDA crop estimate; corn and wheat lower.

grain calls
grain calls
(Commodity Update)

Corn: 3 to 5 cents lower.

Soybeans: 1 to 4 cents higher.

Wheat: 1 to 3 cents lower.

Cattle: Steady-firmer

Hogs: Steady-weaker

Soybean futures reached a 2 1/2-month high overnight as the market extended Monday’s rally triggered by USDA’s smaller-than-expected crop estimate. Corn and wheat futures weakened overnight. Malaysian palm oil futures rose nearly 6% behind demand from India, while front-month crude oil futures are down around 50 cents. U.S. stock index futures signal a lower open and the U.S. dollar index is up around 1,000 points.