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USDA’s harvested acres estimate drove 62% of the production increase
Markets remain under pressure amid higher than expected corn stocks.
USDA reported quarterly corn stocks data as of Sept. 1 were nearly 200 million bu. higher than the average analyst estimate, while soybeans were slightly below. Wheat production also surpassed pre-report expectations.
Corn, soybeans and wheat each saw modest losses in the overnight session.
Major USDA data out today as U.S. government shutdown looms