Corn and soybean basis inched lower over the past week but remained historically strong.
USDA’s initial survey-based corn and soybean crop estimates will be based mostly on farmer surveys and satellite imagery.
Traders slashed bets the Fed cut interest rates by 75 basis points again in September following the bigger-than-expected slowdown in consumer inflation.
Corn, soybean and wheat futures were boosted by followthrough buying during overnight trade.
USDA’s cuts to crop condition ratings Monday afternoon fueled buying in grain and soy markets overnight.
The spring wheat CCI rating also declined from the previous week.
Corn export inspections fall well short of expectations.
Wheat futures led losses in the grain markets overnight, while corn and soybeans posted lesser declines.
Grain and soybean futures are expected to open lower amid a favorable near-term weather forecast and outside market factors.
After failing to find sustained followthrough from Thursday’s gains early in the overnight session, corn, soybean and wheat futures faded.

Brian Grete