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.
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.
The CCI rating has been little changed for corn and soybeans the past three weeks.
Corn and soybean inspections dropped sharply, as expected, due to impacts from Hurricane Ida.
Slightly firmer tone in grain and soy futures coming out of the extended holiday weekend.
Updated monthly and quarterly price forecasts.
Corn and soybean basis and cash prices plunged over the past week.

Brian Grete