News
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.
USDA reported wheat sales in week ended Sept. 21 totaled 544,500 MT, which capped the top-end pre-report estimate by 45,000 MT. Meanwhile corn sales were mid-range; soybeans were nearer the low-end of expectations.
Corn and soybean futures pulled back from recent corrective gains, while wheat extended its price slide during overnight trade.
Cash corn prices stabilize; soybean prices continue to drop.
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Corn, soybeans and wheat each saw corrective buying overnight, though each faded into the break. Soybeans continue to show relative strength, despite mixed outside markets.
Corn and soybean futures firmed amid light corrective buying overnight. Wheat traded on both sides of unchanged overnight.
After the Bell | September 26, 2023 “Risk off” trade limited upside in the grain/soy complexes ahead of a potential government shutdown and persisting strength in the U.S. dollar.