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Soybeans posted corrective gains overnight, while corn and wheat gave up a significant portion of Thursday’s gains.
USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.
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Weekly wheat sales were just above the pre-report range for the week ended March 21, while soybean sales missed the expected range by 36,000 MT. Corn sales held steady at 1.21 MMT.
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Corn, soybeans and wheat traded in tight ranges overnight, with grains showing relative strength into the break.
Corn, soybeans and wheat traded in narrow ranges during the overnight session ahead of USDA’s reports later this morning.
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Corn and soybeans each favored the downside overnight, with corn leading the way lower. Wheat showed relative strength and went into the break near unchanged.