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Striking a balance among rail industry stakeholders is proving difficult

Soybean futures extend rally following smaller USDA crop estimate; corn and wheat lower.

Soybean futures built on Monday’s strong gains overnight, while wheat rebounded from yesterday’s losses and corn favored the upside is light, two-sided trade.

CCI ratings have declined for nine straight weeks for corn and six consecutive weeks for soybeans.

Corn, soybean futures hit three-month highs after USDA cuts crop estimates more than expected; wheat mixed.

USDA cut its soybean crop estimate by 153 bu. from last month, whereas traders expected a 35-million-bu. reduction.

USDA reduced the national corn yield as expected, but trimmed soybeans a bushel more than the average trade estimate of 51.5 bpa in its release of the September WASDE.

Weekly export inspections for week ended Sep. 8 revealed wheat inspections above trade expectations; corn and soybean inspections continue to run ahead of year-ago levels.