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Weekly corn and soybean inspections are running 10.8% and 8.7% ahead of a year-ago, respectively. Meanwhile, wheat inspections are nearly 29% behind the same time last year.
Soybean stocks and wheat production came in higher than expected. Sept. 1 corn stocks were lower than anticipated.
USDA pegged Sept. 1 corn stocks at 1.361 billion bu., 68 million bu. lower than pre-report expectations and 16 million bu. lower than year-ago. Soybean stocks were above pre-report estimates by 26 mb.
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Corn and soybeans pivoted around unchanged for most of the night while wheat saw light corrective buying.
Corn, soybean and wheat futures held in tight price ranges in a lightly traded overnight session ahead of USDA’s reports later this morning.
Farrowing intentions suggest the expansion could be short-lived, but surging litter sizes could offset lower farrowings as they did during summer.
After the Bell | September 28, 2023 Corn futures led the grain complex higher, while meal strength pulled soybeans from early session lows.
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Corn, soybeans and wheat each saw selling pressure overnight, with soybeans leading the way lower. Price action is likely to be partially forced by positioning ahead of Friday’s USDA Grain Stocks report.