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Soybean futures extend rally following smaller USDA crop estimate; corn and wheat lower.

Soybean futures built on Monday’s strong gains overnight, while wheat rebounded from yesterday’s losses and corn favored the upside is light, two-sided trade.

CCI ratings have declined for nine straight weeks for corn and six consecutive weeks for soybeans.

Corn, soybean futures hit three-month highs after USDA cuts crop estimates more than expected; wheat mixed.

USDA cut its soybean crop estimate by 153 bu. from last month, whereas traders expected a 35-million-bu. reduction.

USDA reduced the national corn yield as expected, but trimmed soybeans a bushel more than the average trade estimate of 51.5 bpa in its release of the September WASDE.

Weekly export inspections for week ended Sep. 8 revealed wheat inspections above trade expectations; corn and soybean inspections continue to run ahead of year-ago levels.

Grain, soybean futures narrowly mixed as trade awaits USDA Crop Production, Supply and Demand reports.

Corn and wheat futures are slightly lower with soybeans slightly higher ahead of USDA’s reports. Cattle futures are mildly lower with lean hogs up slightly to start the week...