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USDA cut the soybean crop estimate and ending stocks more than expected.

USDA cut the soybean yield by 1.4 bu. per acre to 51.7 bu. per acre, while ending stocks were pegged at 470 million bu. Both were well below average pre-report estimates. Meanwhile, both corn yield and ending stocks were below average estimates.

Market Snapshot

Corn saw relative strength overnight as soybeans and wheat favored the downside.

House update | Senate update | FOMC | Impact of Trump’s trade policy ideas | China’s latest stimulus program

Corn futures have firmed after light, two-sided trade overnight, while the soybean and wheat markets faced pressure for most of the session.

Top stories for Nov. 7, 2024

After the Bell