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Overnight trade was fairly quiet, though corn and beans went into the break on the lows, while wheat is showing relative strength near unchanged.
Soybean basis turns negative for the first time this year.
After the Bell | September 13, 2023 Corn, soybeans and wheat ended the session higher on corrective buying efforts following Tuesday’s bearish reaction to USDA’s September crop data.
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France lowers wheat export forecast, USDA Secy Vilsack encourages biofuel production and the U.S. Dept of Labor eyes H-2A improvements...
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.