Grains continued to sink lower following Monday’s sharp sell-off in wheat. In outside markets, the US Dollar index fell below 100 for the first time since early February while crude oil was trying to find stability in the $49 a barrel territory.
Grains moved higher overnight led by soybeans as they moved above $10 a bushel on front month May. Outside markets saw crude oil and equities higher while the US dollar hit their lowest mark since early February.
February NOPA Crush will be out at 11 am CST Today
Grains were in recovery mode on Wednesday after two weeks of sliding lower. In outside markets, crude oil was trying to bounce off its worst prices in 3.5 months while the US dollar was weaker to start the day ahead of the Fed announcement.
Grain basis levels were mostly stagnant this week even with the sharp sell-off on the board. For the week, US average corn basis was mostly unchanged while the US average soybean basis inched up by 1 cent a bushel.
Grains continued to bleed lower overnight with front-month May beans trading to their lowest level in two weeks. In outside markets, crude oil gave up 50 cents a barrel while the US Dollar and equity futures trended higher.