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Corn futures stabilize overnight after USDA’s bearish crop production shock
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Corn, soybeans, and cotton all saw production forecasts increase
Corn yield landed well above analysts’ average pre-report estimate, while soybean yield was slightly above.
All eyes are on whether USDA will cut new-crop corn yield toward the trade average of 177.8 bu. per acre—and what that means for ending stocks.
Positioning drove trade overnight ahead of USDA’s reports later this morning.