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Soybeans showed relative strength overnight and carried corn futures higher into the break. Wheat futures continue to fall under pressure.
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Corn and soybean futures were supported overnight by crop concerns amid expectations for a poor finish to the growing season, while wheat futures slumped.
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Mixed action in the grains today with soybeans leading strength, corn closing roughly flat and wheat leading losses.
Pro Farmer estimates the U.S. corn crop at 14.960 billion bu. with an average yield of 172.0 bu. per acre. We estimate the U.S. soybean crop at 4.110 billion bu. with an average yield of 49.7 bu. per acre.
Soybeans continue to show relative strength with steady gains overnight, and corn futures saw strength into the break as well. Wheat futures traded higher overnight but still maintain a tight trading range.
Corn futures saw some slight pressure overnight while soybeans continue to show relative strength. Wheat futures showed moderate strength as well, led by the HRW and HRS contracts.