Was the Commodity Complex F.O.I.L.-ed Again Overnight Through Early Friday Morning?

Soybean Market - The soybean market saw an increase, with the May issue rising by 9.25 cents overnight, reaching a pre-dawn price of 7.25 cents higher [1] - The National Index was reported at approximately $11.0550, up about 9.75 cents, while the national average basis calculation remained weak at 73.75 cents under May futures, below the previous 5-year and 10-year averages [1] - Weekly export sales indicated the US was on track to ship 1.234 billion bushels, with total commitments to China about 50% lower than the same week last year [1] Corn Market - The corn market experienced an uptick, gaining 2.75 cents overnight, driven by the influence of soybeans and soybean oil [4] - The National Price Index for corn was reported at approximately $4.1175, with the national average basis at 41.75 cents under May futures, consistent with last year's figures [4] - The May-July futures spread closed at 9.25 cents, covering a neutral 45% calculated full commercial carry [4] Wheat Market - The wheat market showed solid gains across all three markets, although the long-term supply and demand outlook remains bearish [5] - July HRW futures rose by 8.25 cents, reaching $6.1625, the highest price since March 2025, while the July-September futures spread closed at a carry of 14.25 cents [5] - The new-crop futures spreads indicated a bearish sentiment, covering 63% and 59% of calculated full commercial carry for July-September and September-December, respectively [5]