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Action was mixed overnight in grains but corn, soybeans and wheat each saw selling pressure into the break.
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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Grain bulls struggled to garner momentum overnight, though most trade is likely positioning ahead of today’s USDA reports.
Corn, soybeans and the winter wheat markets have turned weaker this morning after two-sided trade earlier in the overnight session.
Both crops continue to be rated under year-ago.