News
Corn and soybean basis drops sharply as harvest gets an early start in some areas.
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Buying was seen across the grain markets overnight, follow-through buying after the break will be key in determining if buying is just a corrective bounce or if an interim low could be in place.
Corn and soybeans were supported by deteriorating crop condition ratings during overnight trade, while wheat also traded higher.
Illinois led the ratings declines, though most of the top production states dropped.
USDA’s Weekly Export Inspections data was within pre-report estimates, though corn and wheat inspections fell notably on the week, while soybean inspections rose slightly.
The Current Conditions Index fell 10.7% in August, while the Future Expectations Index declined 4.0%. The overall ag barometer was 1.7% lower than August 2022.