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USDA cut its soybean crop estimate a little more than anticipated, while the cotton crop came in well below expectations.

In its September WASDE, USDA increased planted corn acres, offsetting the reduction in yield to 173.8 bu. per acre, down from 175.1 in August. Soybean planted acres rose slightly, while the yield was trimmed to 50.1 bpa.

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USDA expected to cut production, Cordonnier trims soybean yield forecast and Russia says grain export deal is, ‘on-hold’...

Grain bulls struggled to garner momentum overnight, though most trade is likely positioning ahead of today’s USDA reports.

Corn, soybeans and the winter wheat markets have turned weaker this morning after two-sided trade earlier in the overnight session.

Both crops continue to be rated under year-ago.

After the Bell | September 11, 2023 Corn and soybeans ended on a positive note ahead of USDA’s September WASDE, with a weaker U.S. dollar lending support.

Corn and soybeans saw buying overnight, bringing both markets on technical resistance into the break. SRW futures made a new contract low overnight, with wheat futures falling across the board.