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Most of the data was bearish compared to pre-report expectations.

USDA pegged total U.S. corn and soybean production at 15.342 billion bu. and 4.165 billion bu., respectively amid a 2.4 bu. and 0.7 bu. bump in the national corn and soybean average yield estimate from November.

Corn, soybeans and wheat trended higher overnight on corrective gains, going into the break near session highs.

Corn, soybeans and wheat traded higher overnight amid light corrective buying ahead of USDA’s January crop reports later this morning and support from rising crude oil tied to increased Middle East tensions.

House speaker navigating complex situation re: spending deal | CRP, CREP signup | SRE

After the Bell | January 11, 2024