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USDA reports today | Rail strike pushed back in Canada | China forecasts big drops in corn, soy, cotton imports | U.S. farm equipment sales decline

Strong wheat gains led corn modestly higher overnight, while soybeans pivoted near unchanged. Price action will largely be dictated by the release of USDA reports at 11 a.m. CT.

Wheat futures surged amid strong followthrough buying overnight, pulling corn and soybeans higher.

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USDA will provide the first look at the 2024-25 balance sheets and its initial winter wheat crop estimates.

Corn, soybeans and wheat each posted gains most of the overnight session though selling took corn and beans lower into the break, while wheat maintained gains.

Weekly corn sales during the week ended May 2, rose 17% from the previous week and 23% from the four-week average. Meanwhile, soybean sales increased 4% from the previous week and 21% from the four-week average.