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Livestock Analysis

USDA unexpectedly raised its corn crop estimate, trimmed the soybean forecast.

USDA bumped the corn yield by 0.5 bu. per acre from its August estimate, while the soybean estimate was unchanged 53.2 bu. per acre.

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While corn sales proved lackluster, net soybeans sales were notable at 1.47 MMT, though both corn and soybean sales are notably trailing the same period a year-ago.

Wheat continues to show relative strength, helping pull both corn and beans higher in the overnight session. Modest selling pulled corn and beans off overnight highs into the break.

Wheat futures led followthrough buying in the grain and soy markets during the overnight session.