Grain and soy futures are under pressure amid broad-based risk-off selling. Livestock futures are lower to start the week as well.
Corn and soybean basis weaken as harvest picks up and amid Gulf logistics issues due to Hurricane Ida.
Both crops are rated nearly 11 points below their respective five-year averages.
Cash corn prices drop sharply.
The national average soybean basis turned negative for the first time since late January.
Vilsack frets over meat prices; announces feed transportation cost aid to drought-impacted ranchers.
Changes to the corn and soybean crop estimates will impact new-crop balance sheets, with bigger carryover projections also expected.
Corn and soybeans recouped a portion of Tuesday's sharp losses in corrective trade overnight.