News
USDA cut corn yield by 2.4 bu. to 175.1, while soybean yield was lowered by 1.1 bu. to 50.9 bu. per acre. Soybean ending stocks were pegged at 245 million bu., less than the avg pre-report estimate, while corn was above.
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Grain and soy markets are expected to open with a firmer tone amid corrective buying.
Soybean futures extended gains from the two previous days during overnight trade, while corn and wheat rebounded amid corrective buying.
The average cash cattle price firmed $1.89 to the second highest ever.
Basis firmed a little for both corn and soybeans over the past week.
Soybeans and corn are expected to trade higher, while wheat is likely to face slight price pressure.
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USDA will also update its wheat crop estimates, along with the U.S. and global balance sheets.