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Corn and soybeans traded lower overnight after USDA raised crop condition ratings more than anticipated Monday afternoon. Wheat faced followthrough selling amid a lack of supportive news.
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Markets had a muted response to the data aside from a big jump in cotton.
USDA cut corn yield by 2.4 bu. to 175.1, while soybean yield was lowered by 1.1 bu. to 50.9 bu. per acre. Soybean ending stocks were pegged at 245 million bu., less than the avg pre-report estimate, while corn was above.
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Light price action is expected in the grain and soy markets this morning ahead of USDA’s August crop reports.
Corn, soybeans and wheat traded in relatively tight ranges during the overnight session as traders awaited USDA’s August crop reports later this morning.
Kansas City Federal Reserve Bank finds continuing strong demand for farmland despite declining profit margins.