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Most of the data was bearish compared to pre-report expectations.
USDA pegged total U.S. corn and soybean production at 15.342 billion bu. and 4.165 billion bu., respectively amid a 2.4 bu. and 0.7 bu. bump in the national corn and soybean average yield estimate from November.
Corn, soybeans and wheat trended higher overnight on corrective gains, going into the break near session highs.
Corn, soybeans and wheat traded higher overnight amid light corrective buying ahead of USDA’s January crop reports later this morning and support from rising crude oil tied to increased Middle East tensions.
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Corn and wheat traded narrowly near unchanged most of the night, while soybeans favored the upside, though pared gains into the break.
Weekly soybean, wheat and soymeal sales fell short of expectations for the week ended Jan. 4, while corn sales were near the low-end of the pre-report range.
Soybeans traded solidly higher overnight, while corn and wheat pivoted around unchanged in light trade.
Basis firmed for soybeans and cash prices dropped.
Grains saw renewed selling pressure overnight, negating much of Tuesday’s rally in corn and soybeans, though wheat futures pared overnight losses into the break.
Corn, soybeans and wheat were unable to build on Tuesday’s corrective gains during overnight trade.
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