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USDA unexpectedly increased corn ending stock and raised soybean carryover more than anticipated.

USDA showed soybean ending stocks rose 35 million bu. from January, while corn rose 10 million bu,. Meanwhile, 2023-24 global soybean carryover was notably higher than expectations.

Cash corn and soybean prices continue to slide.

Traders await USDA reports, Conab slashes forecasts and ocean imports into the United States are increasing...

Soybeans led strength overnight while corn saw corrective buying from a fresh contract low. Wheat futures saw renewed selling.

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