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For week ended Sept. 7, USDA reported weekly soybean sales of 703,900 MT, 34.2% behind a year ago at this time. Weekly meal and oil sales notched net reductions during the week of 201,600 MT and 3,900 MT, respectively.

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Action was mixed overnight in grains but corn, soybeans and wheat each saw selling pressure into the break.

USDA reported weekly new-crop corn sales of 949,700 MT in week ended Aug. 31, which was near the top-end pre-report range, while soybean sales totaled 1.78 MMT. A fresh marketing year began Sept. 1.

Corn, soybeans and wheat held in tight trading ranges during a quiet overnight session.

Sharp weekly decline in cash grain prices.

Soybean basis turns negative for the first time this year.

After the Bell | September 13, 2023 Corn, soybeans and wheat ended the session higher on corrective buying efforts following Tuesday’s bearish reaction to USDA’s September crop data.

Despite the stronger consumer inflation data, Fed fund futures reflect increased odds the Fed will embark on an extended pause for interest rates.