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Despite the stronger consumer inflation data, Fed fund futures reflect increased odds the Fed will embark on an extended pause for interest rates.
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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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USDA expected to cut production, Cordonnier trims soybean yield forecast and Russia says grain export deal is, ‘on-hold’...