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Grain, soybean futures lower as inflation, economic concerns pressure global markets.

As of Oct. 11, 82% of the U.S. was experiencing abnormal dryness/drought, up five points from the previous week. Drought coverage increased in the PNW, Plains, Ohio River Valley and Southeast.

Soybean futures pulled back overnight from their strong gains Wednesday, while wheat traded mildly higher after yesterday’s losses. Corn posted two-sided trade.

Basis for corn and soybeans continues to decline amid increased harvest and low water levels on the Mississippi River.

Soybean futures jump near two-week highs after USDA unexpectedly cuts crop outlook; corn little-changed, wheat lower.

USDA’s 2022-23 ending stocks forecasts came in higher than expected for corn and wheat, while projected carryover was lower than traders anticipated.

USDA’s Oct. WASDE revealed an additional cut to the national soybean yield to 49.8 bu. per acre (bpa), while pre-report estimates averaged 50.5 bpa. The corn yield landed slightly above the average estimate at 171.9 bpa.

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Grain, soybean futures lower ahead of USDA’s Crop Production, Supply and Demand Reports.