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Wheat futures firmed overnight amid global supply concerns and rising tensions in the Black Sea region, while corn and soybeans built on Thursday’s gains.
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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.