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Corn, soybeans turn higher on USDA data. Corn and soybean production also fell short of estimates, leaving ending stocks below the average pre-report estimate.
Farmers have waited for months for some farm policy decision to be made by USDA, notably the Phase 2 provisions of the Emergency Relief Program (ERP).
Soybeans are expected to lead price gains in the grain and soy markets this morning after a strong performance overnight.
Corn and soybeans firmed after initially trading lower overnight, while wheat futures favored the downside in two-sided price action.
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After the Bell | January 10, 2023 Grains ended the session mostly lower in anticipation of USDA’s final estimates to the 2022-23 crop on Thursday.
USDA will release its Annual Production Summary, Supply & Demand Report, Winter Wheat Seedings and Quarterly Grain Stocks Report on Thursday.
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Bears tightened their grip on the grain and soy markets overnight after a disappointing finish on Monday. Lower price action is expected this morning.
Heavier selling pressure was seen in grain and soy futures overnight, especially the soybean and winter wheat markets, after disappointing finishes on Monday.