Feedlot inventories declined from year-earlier levels for an 11th straight month.
Grain and soy futures are expected to open moderately to sharply higher on weather concerns and Black Sea tensions.
A combination of weather concerns and increased geopolitical uncertainty in the Black Sea region supported corn, soybeans and wheat overnight.
The extended weather forecast from the National Weather Service calls for “equal chances” for normal, above-normal and below-normal rainfall across the central U.S. during September.
Soybeans are expected to modestly favor the upside, while corn and wheat are called lower this morning.
Grain markets traded in relatively narrow ranges overnight as soybeans modestly firmed, while corn and wheat declined.
Corn and soybean basis is stronger than the respective three-year averages.
Grain and soy markets are expected to open modestly firmer amid corrective buying.
Corn, soybeans and wheat regained a portion of Tuesday’s losses during overnight trade.
Corn, soybeans and wheat are expected to open lower this morning after overnight price pressure.

Brian Grete