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USDA pegged old-crop corn ending stocks at 1.877 billion bu., well below the average estimate of 2.049 billion bu. Soybean ending stocks were also short of average trade guesses, while 2024-25 wheat ending stocks were up notably amid higher production.
Corrective buying was featured across the grain and soy markets overnight, with each going into the break near session highs.
Soymeal sales fell 75% from the previous week, while beef sales dropped 46%.
Corn and soybean basis firmed as cash prices dropped.
Soybeans and wheat led the grain and soy complexes lower, while hog futures closed sharply lower amid cash market pessimism.
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Corn and wheat saw relative weakness overnight, erasing Tuesday’s corrective gains. Soybeans saw followthrough selling much of the overnight session though saw an increase in buying interest this morning and went into the break nearer session highs.
Corn and wheat posted mild corrective gains, while soybeans extended lower amid heavy selling in soyoil.
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