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Trading occurred both sides of unchanged overnight, but profit-taking was seen into the break as corn, beans and wheat are each lower.
Corn, soybeans and wheat held in tight trading ranges during a quiet, two-sided overnight session.
Corn and soybean basis drops sharply as harvest gets an early start in some areas.
After the Bell | September 6, 2023 Global supply uncertainty led the grain and soy complexes mostly higher, though persisting U.S. dollar strength cast a shadow over corn futures amid weak export demand.
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Buying was seen across the grain markets overnight, follow-through buying after the break will be key in determining if buying is just a corrective bounce or if an interim low could be in place.
Corn and soybeans were supported by deteriorating crop condition ratings during overnight trade, while wheat also traded higher.
Illinois led the ratings declines, though most of the top production states dropped.
USDA’s Weekly Export Inspections data was within pre-report estimates, though corn and wheat inspections fell notably on the week, while soybean inspections rose slightly.
The Current Conditions Index fell 10.7% in August, while the Future Expectations Index declined 4.0%. The overall ag barometer was 1.7% lower than August 2022.
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Corn and soybeans are expected to open with a weaker tone coming out of the holiday weekend, while wheat is likely to be mixed.
Corn, soybeans and wheat held in relatively tight ranges in two-sided trade overnight.
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