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USDA reported 23,000 MT of soybean reductions for week ended March 2, a new marketing year low, while corn sales proved solid, landing near the top-end of the expected pre-report range of 1.2 MMT.

Corn and soybeans are expected to open slightly firmer. Wheat will continue to struggle to find buyers.

Corn and soybeans traded higher overnight, while the wheat market turned mixed this morning after corrective gains earlier in the session.

Big jump in cash feeder cattle prices.

Cash cattle prices continue to climb.

After the Bell | March 8, 2023

USDA made limited revisions to its balance sheets this month, as expected.

USDA’s March WASDE showed corn domestic and global ending stocks above pre-report estimates, while soybeans and wheat were each slightly lower than expectations.

Focus of USDA’s WASDE on South American crops, especially Argentine soybeans

Light price action is likely this morning as traders await USDA’s Supply & Demand Report.