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China makes continues purchases of soybeans, makes initial 2024-crop sorghum buy
Corn, soybeans and wheat each saw selling pressure overnight, with soybeans leading the way lower. Price action is likely to be partially forced by positioning ahead of Friday’s USDA Grain Stocks report.
USDA reported wheat sales in week ended Sept. 21 totaled 544,500 MT, which capped the top-end pre-report estimate by 45,000 MT. Meanwhile corn sales were mid-range; soybeans were nearer the low-end of expectations.
Corn and soybean futures pulled back from recent corrective gains, while wheat extended its price slide during overnight trade.
Cash corn prices stabilize; soybean prices continue to drop.
