News
Soybeans posted modest corrective gains overnight, while the corn and wheat markets faced light followthrough selling.
Corn futures rallied from contract lows forged in early trade following USDA’s Crop Production and Supply & Demand Reports, while rallying crude supplied a boost. Soybeans faded amid forecasts of a record crop.
Old- and new-crop corn ending stocks cut despite the bigger production estimate.
USDA pegged soybean production at 4.59 billion bu., up 10% from 2023, using a record yield of 53.2 bu. per acre. Corn production is estimated at 15.1 billion bu., using a yield forecast of 183.1 bu. per acre.
Wheat inspections during the week ended Aug. 8 rose 178,717 MT from the previous week and topped expectations by 124,000 MT.
Corn and soybeans are posting mild weakness with wheat futures moderately lower. Livestock futures are narrowly mixed but generally higher to start the week...
Key USDA reports today | Trump/Musk interview tonight | SPR | UCO | Consumer spending
Corn, soybeans and wheat each saw sustained selling pressure overnight though saw a modest bounce into the break.
Grains traded lower overnight ahead of USDA’s August crop reports later this morning.
