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USDA unexpectedly raised its corn crop estimate, trimmed the soybean forecast.
USDA bumped the corn yield by 0.5 bu. per acre from its August estimate, while the soybean estimate was unchanged 53.2 bu. per acre.
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While corn sales proved lackluster, net soybeans sales were notable at 1.47 MMT, though both corn and soybean sales are notably trailing the same period a year-ago.
Wheat continues to show relative strength, helping pull both corn and beans higher in the overnight session. Modest selling pulled corn and beans off overnight highs into the break.
Wheat futures led followthrough buying in the grain and soy markets during the overnight session.
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Corn and soybeans recouped a portion of Tuesday’s losses overnight, while wheat saw continued strength.
Corn and soybean futures rebounded from Tuesday’s losses, while wheat showed followthrough price strength during the overnight session.
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Wheat saw modest strength while corn and soybeans favored the downside in low volume overnight trade.
Soybean futures erased Monday’s strong gains during the overnight session, while corn mildly followed to the downside and wheat was choppy.
The increases halted a five-week slide for corn and a four-week decline for soybeans.