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The grain and soy complexes faced notable selling to begin the week as improving weather forecasts and technical selling weighed on prices.
Wheat inspections during the week ended July 11 topped pre-report expectations and are outpacing year-ago by 26.3%. Corn inspections also proved noteworthy at 1.08 MMT.
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Corn, soybeans and wheat each saw sustained selling pressure overnight. Corn futures negated Friday’s gain while soybeans and wheat forged fresh lows.
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Corn futures ended the session higher following a surprise cut to ending stocks in USDA’s supply and demand data today, while soybeans and wheat extended recent selling efforts.
Report data triggered mild corrective buying in corn and soybean futures.