Pro Farmer
Soybeans consolidated from Monday’s surge higher overnight while grains continue to show relative weakness.
Wheat futures fell to contract lows overnight.
Portion of $290B in nutrition savings redirected to boost commodity and crop programs.
CCI ratings declined in both Kansas and Illinois.
Wheat faced pressure from bigger-than-expected winter wheat crop estimate, new-crop stocks.
Corn also traded higher after the reports, while wheat struggled to find buyers.
While old- and new-crop ending stocks were both well below pre-report expectations, wheat production landed well above analysts’ estimates.