News
Soy complex futures are expected to lead a corrective rebound.
USDA reported net corn sales of 468,400 MT for 2022-23 and 470,800 MT for 2023-24, notably exceeding pre-report estimates.
Soybeans led a corrective rebound in the grain and soy markets overnight.
Corn and soybean basis are now both below the three-year averages.
USDA’s new-crop ending stocks forecasts for soybeans and wheat came in much higher than expected. The wheat crop estimate was also bigger than anticipated.
In its July WASDE, USDA slashed the corn yield by 4 bu., which put 2023-24 ending stocks near pre-report estimates. Its soybean yield projection was unchanged, leaving ending stocks well above pre-report estimates.
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Soybeans are expected to trade sharply higher as traders prepare for what’s anticipated to be bullish changes to USDA’s new-crop balance sheet.