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Corn and wheat futures rebounded from Tuesday’s losses overnight, while soybeans pulled back from yesterday’s gains.

IMF expects global growth of 2.8% this year and 3% in 2024, slightly below its forecasts published in January.

After the Bell | April 11, 2023

Traders expected USDA to cut its corn and soybean ending stocks forecasts after March 1 stocks came in lower than anticipated.

USDA kept corn and soybean ending stocks unchanged from March, while traders were anticipating a reduction for both crops. Meanwhile, wheat ending stocks rose as expected.

Traders expect lower corn and soybean carryover in today’s report, HRW condition ratings historically low and South American crops have ‘turned the corner...’

IMF: Global growth of 2.8% this year, 3% in 2024 | U.S. economy expanding 1.6% this year

Positioning is expected ahead of USDA’s April crop reports at 11 a.m. CT.

Soybean futures posted corrective gains overnight, while wheat pulled back from Monday’s gains and corn held near unchanged.