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During the week ended Feb. 1, USDA showed net soybean sales of 340,800 MT, short of pre-report estimates, while corn and wheat sales held steady week-over-week.

Mexico surpasses China as top source of goods imported by U.S. for first time in over two decades

Corn and wheat traded lower overnight, while soybeans firmed a little in quiet price action ahead of USDA’s February crop reports later this morning.

Basis turned slightly negative for corn and soybeans despite a big drop in cash prices.

After the Bell | February 7, 2024

Yellen to visit China, House Democrats keep Farm Bill hopes alive and Aussie meat exports surge...

U.S. pork producers in price vice last seen in 1998 and 1999 | Farm bill going backwards

Corn futures fell to contract lows overnight, leading soybeans and wheat lower as well. Traders await Thursday’s USDA reports, which will give a fresh look into South American crop estimates and U.S. balance sheets.

Corn futures fell to contract lows overnight, while soybeans posted double-digit losses and wheat followed to the downside.