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Corn, soybeans and wheat held in relatively tight trading ranges during a quiet overnight session.
For week ended Sept. 7, USDA reported weekly soybean sales of 703,900 MT, 34.2% behind a year ago at this time. Weekly meal and oil sales notched net reductions during the week of 201,600 MT and 3,900 MT, respectively.
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Action was mixed overnight in grains but corn, soybeans and wheat each saw selling pressure into the break.
USDA reported weekly new-crop corn sales of 949,700 MT in week ended Aug. 31, which was near the top-end pre-report range, while soybean sales totaled 1.78 MMT. A fresh marketing year began Sept. 1.
Corn, soybeans and wheat held in tight trading ranges during a quiet overnight session.
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After the Bell | September 13, 2023 Corn, soybeans and wheat ended the session higher on corrective buying efforts following Tuesday’s bearish reaction to USDA’s September crop data.
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Grains were mixed overnight, though all finished higher into the break. Wheat led the way higher amidst short covering.
Grain futures posted two-sided trade overnight, with corn and wheat favoring the upside and soybeans mildly weaker early this morning.
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After the Bell | September 12, 2023 USDA’s September Crop Reports cast a negative tone across corn and soybeans, while wheat ended mildly positive after reaching fresh contract lows late-morning.
USDA cut its soybean crop estimate a little more than anticipated, while the cotton crop came in well below expectations.
In its September WASDE, USDA increased planted corn acres, offsetting the reduction in yield to 173.8 bu. per acre, down from 175.1 in August. Soybean planted acres rose slightly, while the yield was trimmed to 50.1 bpa.
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