Corn held on to corrective gains while soybeans and wheat turned lower. Cotton powered to yearly highs. Cattle faced losses while hogs showed relative strength.
Corn and soybeans posted two-sided trade overnight, while winter wheat futures were unable to build on yesterday’s corrective gains and spring wheat faced followthrough selling.
Corn and soybean futures were supported overnight by crop concerns amid expectations for a poor finish to the growing season, while wheat futures slumped.
Pro Farmer estimates the U.S. corn crop at 14.960 billion bu. with an average yield of 172.0 bu. per acre. We estimate the U.S. soybean crop at 4.110 billion bu. with an average yield of 49.7 bu. per acre.
Soybeans continue to show relative strength with steady gains overnight, and corn futures saw strength into the break as well. Wheat futures traded higher overnight but still maintain a tight trading range.
Corn futures saw some slight pressure overnight while soybeans continue to show relative strength. Wheat futures showed moderate strength as well, led by the HRW and HRS contracts.
USDA reported net soybean sales of 364,900 MT for 2022-23, which topped the pre-report range by over 160,000 MT, while new-crop sales were just shy of the top-end pre-report range.